<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>kin6kex99a.txt
<DESCRIPTION>EXHIBIT 99A
<TEXT>
                                                                     Exhibit 99a
                                                                     -----------

                            KINROSS GOLD CORPORATION


                         Renewal Annual Information Form



                                   May 9, 2002












<PAGE>


                                TABLE OF CONTENTS

                                                                           Page
                                                                           ----
ITEM 1: COVER PAGE.........................................................COVER

ITEM 2: CORPORATE STRUCTURE..................................................2

ITEM 3: GENERAL DEVELOPMENT OF THE BUSINESS..................................3

ITEM 4: NARRATIVE DESCRIPTION OF THE BUSINESS................................6

ITEM 5: SELECTED CONSOLIDATED FINANCIAL INFORMATION.........................44

ITEM 6: MANAGEMENT'S DISCUSSION AND ANALYSIS AND CONSOLIDATED FINANCIAL
            STATEMENTS......................................................44

ITEM 7: MARKET FOR SECURITIES...............................................44

ITEM 8: DIRECTORS AND OFFICERS..............................................45

ITEM 9: ADDITIONAL INFORMATION..............................................46



CAUTIONARY STATEMENT

This document includes certain "Forward-Looking Statements" within the meaning
of section 21E of the United States Securities Exchange Act of 1934 as amended.
All statements, other than statements of historical fact, included herein,
including without limitation, statements regarding potential mineralization and
reserves, exploration results and future plans and objectives of Kinross Gold
Corporation are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause actual
results to differ materially from expectations are disclosed under the heading
"Risk Factors" and elsewhere in the documents filed by the Company from time to
time with The Toronto Stock Exchange (the "TSE"), the American Stock Exchange
(the "Amex"), the United States Securities and Exchange Commission (the "SEC"),
the Ontario Securities Commission (the "OSC") and other regulatory authorities.


<PAGE>
                                       2



ITEM 2: CORPORATE STRUCTURE

INCORPORATION

Kinross Gold Corporation (the "Company") is the continuing corporation resulting
from the May 1993 amalgamation under the Ontario Business Corporations Act of
CMP Resources Ltd, Plexus. Resources Corporation and 1021105 Ontario Corp. The
Company and Falconbridge Amalco Inc. ("Falconbridge Amalco"), a corporation that
was formed upon the amalgamation of Falconbridge Gold Corporation ("FGC") and
FGC Acquisition Inc. ("FGC Acquisition"), then amalgamated on December 31, 1993
by way of arrangement. The Company filed articles of amalgamation on December
29, 2000 in connection with the amalgamation with La Teko Resources Inc. ("La
Teko"). The registered office and principal place of business of the Company is
located at Suite 5200, Scotia Plaza, 40 King Street West, Toronto, Ontario, M5H
3Y2.

SUBSIDIARIES AND MANAGEMENT STRUCTURE

Each of the Company's operations is a separate business unit managed by its
general manager, who in turn reports to the Chief Operating Officer. Exploration
activities outside the operating minesites, corporate financing, tax planning
and acquisition strategies are managed centrally. All of the Company's hedging
activities are managed centrally. The Company's risk management programs are
subject to overview by the Company's Audit Committee and the Board of Directors.
Additional technical support for the various. operating and non-operating
locations is provided centrally.

A significant portion of the Company's business is carried on through
subsidiaries. A chart showing the names of the significant subsidiaries of the
Company and their respective jurisdictions of incorporation is set out below.
All subsidiaries are 100% owned unless otherwise noted. Unless otherwise
indicated herein, the term "the Company" means collectively all of the
subsidiaries of the Company referred to above, and such terms will be used
throughout this document as if the present corporate structure and capital
structure had always existed.


<PAGE>
                                       3



                              CORPORATE STRUCTURE

                                   [GRAPHIC]


ITEM 3: GENERAL DEVELOPMENT OF THE BUSINESS

The Company is principally engaged in the exploration for and the acquisition,
development and operation of gold bearing properties. At present, the three
primary operating properties are located in Canada, the United States and the
Russian Far East. Exploration activities are undertaken in these countries and
others. The Company's principal product and source of cash flow is gold. The
following paragraphs provide a history of the material acquisitions over the
past three years, details on the acquisitions of the three primary mines and the
general development of the business since the formation of the Company in 1993.

On September 30, 1993, the Company acquired 8.3 million common shares of FGC
held by Falconbridge Limited ("Falconbridge"), representing 55.9% of the issued
common shares of FGC and a convertible debenture issued by FGC with a principal
amount of Cdn.$7.4 million, convertible into 2.1 million common shares of FGC
for an aggregate purchase price of $17.7 million. The debenture was converted
into common shares in October 1993. A subsidiary of the Company, FGC
Acquisition, then entered into a plan of arrangement with FGC pursuant to which
the minority shareholders of FGC received one common share of the Company for
each common share of FGC and one warrant of the Company for each warrant of FGC,
each warrant entitled the holder to purchase one common share of the Company at
an exercise price of Cdn.$3.50 on or before December 31, 1996. The Company
issued 6.5 million common shares and 3.3 million warrants in connection with
this arrangement. The Company then amalgamated with Falconbridge Amalco, the
corporation resulting from the amalgamation of FGC and FGC Acquisition. FGC
owned various mining properties, including the Hoyle Pond and Bell Creek mines
in Ontario and the Blanket mine in Zimbabwe.

On June 1, 1998, a wholly owned subsidiary of the Company merged (the "Kinam
Merger") with Kinam Gold Inc. ("Kinam"), formerly Amax Gold Inc., (unless
otherwise indicated herein, the term "Kinam" means Kinam and its subsidiaries).
Concurrent with the Kinam Merger, Cyprus Amax Minerals Company ("Cyprus Amax")
contributed $135.0 million to Kinross in exchange for 35.0 million common shares
of the Company and 8.8 million common share purchase warrants (the
"Recapitalization") and 38.1 million common shares of the Company were issued


<PAGE>
                                       4



pursuant to a public offering (the "Equity Financing"). As a result of the Kinam
Merger, the Recapitalization and the Equity Financing, the Company issued 165.2
million common shares, representing approximately 56.4% of the common shares
outstanding after the Kinam Merger, in addition to the common share purchase
warrants to acquire 8.8 million common shares of the Company issued to Cyprus
Amax, which subsequently expired unexercised. The purchase price of the Kinam
Merger was $337.9 million. Kinam owned various mining properties including the
Fort Knox mine near Fairbanks Alaska, a 50% interest in the Refugio mine in
Chile and a 50% interest in the Kubaka mine located in the Russian Far East.

On December 16, 1998, the Company acquired an additional 3% of Omolon Gold
Mining Company ("Omolon") from a Russian shareholder of Omolon in consideration
for settling obligations of the Russian shareholder of $3.8 million, thereby
increasing its interest in Omolon to 53%. Repayment of the $3.8 million owing to
the Company by the Russian shareholder will be made from the Russian
shareholder's share of dividends from Omolon, provided the Russian partner has
first repaid their obligation to the Magadan administration. On December 31,
1999, the Company acquired a further 1.7% of Omolon for cash of $0.3 million
increasing its ownership interest to 54.7%.

On February 26, 1999, the Company through a wholly-owned subsidiary, acquired,
by way of arrangement, a direct and indirect 100% interest in La Teko. The
purchase price of $26.4 million was satisfied by the issuance from treasury of
10.5 million common shares of the Company and payment of transaction costs of
$0.5 million. The major assets of La Teko were its 35% interest in the True
North property, and its 100% interest in the Ryan Lode property both located in
Alaska.

On June 28, 1999, the Company acquired an additional 65% interest in the True
North property for total cash consideration of $28.1 million, thereby increasing
its interest in the True North property to 100%.

On December 24, 1999, the Company acquired the Timmins assets of Royal Oak Mines
Inc. ("Pamour") for cash of $4.7 million and assumed certain environmental
reclamation liabilities on the historic producing areas.

On December 7, 2001, the Company acquired a 100% interest in the George/Goose
Lake gold project in the Nunavut Territories by issuing 4,000,000 Common Shares
of the Company valued at $3.8 million.

The Company's long-term financial objective is growth in cash flow and a return
to earnings per share through successful exploration, acquisitions and
development of existing and acquired properties. Mine operating plans focus on
maximizing the pre-tax cash flow return on investment over the life of the
business unit. The Company's key performance measure is cash cost per unit of
production.

The Company's operations and reserves are impacted by changes in metal prices.
Over the past three years, gold has averaged $276 per ounce and was $277 per
ounce on the last trading day of 2001. Subsequent to the end of 2001, gold has
traded above $300 per ounce. The Company used a forecast of $300 per ounce as a
long-term price at the end of 2001 to estimate reserves and assess mining assets
for impairment. The Company used a forecast of $300 per ounce in 2000 and $325
per ounce in 1999. In each of the three years write-downs of the carrying values
of certain mining assets were required.

In 2001, the Company recorded write-downs of $16.1 million, including $11.8
million relating to the Blanket mine due to the Company's inability to manage
this operation because of political turmoil creating extreme inflationary
pressures within Zimbabwe, difficulty in accessing foreign currency to pay for
imported goods and services and civil unrest. The balance of the write-down
included additional reclamation accruals for the DeLamar mine reclamation
project of $4.3 million. In 2000, the Company recorded write-downs of $72.1
million, including $36.1 million relating to the Refugio mine and the decision
to suspend operations in mid 2001 and $36.0 million on various other non-core
reclamation projects. In 1999, the Company recorded write-downs of $184.9
million, including $108.8 million for the Fort Knox mine, $10.7 million for the
Kubaka mine, $11.2 million for the Refugio mine, $10.0 million for the

<PAGE>
                                       5



Denton-Rawhide mine, $27.7 million for the Goldbanks exploration project and
$16.5 million on various other non-core assets.

The Company's share of proven and probable reserves as at December 31, 2001 was
5.7 million ounces. These estimates have been calculated using industry standard
methodology and the appropriate cut off grade assuming a long-term gold price of
$300 per ounce. Open pit mining operations were suspended at the Refugio mine in
June of 2001 due to continued weak gold prices. Residual leaching of the leach
pads will continue for the first half of 2002 and commercial production is
anticipated to end early in the second half of 2002. Open pit mining will be
suspended at the Kubaka mine during the second half of 2002 due to depleted
reserves from the current open pit. Remnant mining of underground reserves is
scheduled to start mid third quarter 2002 and continue through the end of second
quarter 2003. Milling of the remaining low-grade stockpiles will commence at
that time until consumed which is estimated to be in the fourth quarter of 2003.
In response to the short mine life at the Kubaka operations, in 1999, the
Company began an extensive exploration program looking for alternative mill feed
within trucking distance to the Kubaka mill. In 2000, these activities
identified the Birkachan project located 28 kilometers north of the Kubaka mill.
Exploration drilling continued in 2001. Current plans for 2002 are to continue
the exploration activities at Birkachan and to commence the process of
converting the current exploration license to a mining license.

Over the past several years, in response to weak gold prices, the Company has
taken steps to preserve its cash balances and maintain its financial
flexibility. Exploration expenditures were reduced to $7.9 million in 2001
compared to $11.4 million in 2000 and $11.1 million in 1999. In addition,
capital expenditures were reduced to $30.4 million in 2001 compared to $41.6
million in 2000 and $44.0 million in 1999. The Company continues to review all
mine plans to optimize cash flow and continues to look for opportunities to
reduce costs or improve efficiencies.

In 2001, the Company embarked on a strategy to reduce long-term debt and reduce
the outstanding convertible preferred shares of subsidiary company ("Kinam
Preferred Shares"). The benefit to future consolidated results would be a
reduction of interest expense, a reduced accrual of the dividends on the Kinam
Preferred Shares and lower non-cash charges such as depreciation, depletion and
amortization due to a negative purchase price discrepancy resulting from the
transaction being applied to the carrying value of property, plant and equipment
since the Kinam Preferred Shares were trading at a discount to their carrying
value for financial reporting purposes. During 2001, the Company repaid $46.5
million of long-term debt and acquired 945,400 Kinam Preferred Shares with a
carrying value of $48.9 million in exchange for 24,186,492 common shares of the
Company valued at $23.2 million. The $25.7 million difference in value
associated with this transaction was applied against the carrying value of
certain property, plant and equipment.

The Company completed an equity offering in February 2002 and issued 23,000,000
common shares from treasury for gross proceeds before costs of the issue of
$19.5 million. The majority of funds raised were used for a $16.00 per share
cash tender offer for the Kinam Preferred Shares owned by non-affiliated
shareholders. On March 28, 2002, 652,992 Kinam Preferred Shares were tendered
under the cash tender offer and after extending the offer an additional 17,730
Kinam Preferred Shares were tendered on April 4, 2002, leaving 223,878 or 12.2%
of the issued and outstanding Kinam Preferred Shares held by non-affiliated
shareholders. The Company anticipates completing a merger between Kinam and a
newly created wholly owned subsidiary of the Company in which the remaining
non-affiliated shareholders will receive cash for each of their Kinam Preferred
Shares. On March 28, 2002, the 652,992 Kinam Preferred Shares tendered had a
book value of $35.6 million and were purchased by the Company for $10.4 million
($11.1 million including costs of the tender offer). The $24.6 million
difference in value associated with this transaction was applied against the
carrying value of certain property, plant and equipment.

On April 11, 2002, the Company announced it had signed a letter agreement with a
wholly owned subsidiary of Placer Dome Inc. ("Placer"), Placer Dome (CLA)
Limited, to form a joint venture that will combine the two companies' respective
gold mining operations in the Porcupine mining camp in Timmins, Ontario,

<PAGE>
                                       6



referred to herein as the Porcupine Area Joint Venture. Placer will own a 51%
interest and the Company will own a 49% interest in the Porcupine Area Joint
Venture, which will be operated by a Placer affiliate. Placer will contribute
the Dome mine and mill and the Company will contribute the Hoyle Pond, Pamour
and Nighthawk Lake mines as well as the Bell Creek mill. Future capital and
operating costs will be shared in proportion to each party's ownership interest.
As of December 31, 2001 Placer reported proven and probable reserves at the Dome
mine were approximately 1.3 million ounces of gold, using a gold price
assumption of $275 per ounce and measured and indicated resources totaled
approximately 2.1 million ounces of gold. The formation of the joint venture is
subject to several conditions including due diligence, completion of a
definitive agreement, and the approval of the Board of Directors of Placer and
the Company.

For further information about material properties of the Company see Item 4 of
this report.

ITEM 4: NARRATIVE DESCRIPTION OF THE BUSINESS

OPERATIONS

The Company's share of production from its operating properties totaled 944,803
ounces of gold equivalent during 2001 of which 44% was derived from the Fort
Knox mine in Alaska, 25% from the Kubaka mine in the Russian Far East, 17% from
the Hoyle Pond mine in Ontario, 7% from the Refugio mine in Chile, 4% from the
Blanket mine in Zimbabwe and the balance from various other locations (see note
17 to the Consolidated Financial Statements of the Company incorporated by
reference under Item 6 for details of the segment revenues, segment profit or
loss and segment assets).

The following table summarizes production by the Company in the last three
years.

                                           -------------------------------------
                                             2001          2000          1999
                                           -------------------------------------

Attributable gold
  equivalent production - ounces           944,803        943,798      1,012,408
Attributable gold
  production - ounces                      937,852        932,423      1,006,453
Gold sales - ounces
  (excluding equity accounted ounces)      907,149        897,428      1,006,453

Attributable gold equivalent production includes the Company's share of the
production from the Denton-Rawhide mine and the Andacollo mine due to its equity
held investment in Pacific Rim Mining Corp ("Pacific Rim"), formerly Dayton
Mining Corporation. Included in gold equivalent production is silver production
converted into gold production using a ratio of the average spot market prices
of gold and silver for the three comparative years. The ratios were 62.00:1 in
2001, 56.33:1 in 2000 and 53.40:1 in 1999.

The locations of the Company's material properties are shown on the map below
and descriptions are set forth below. The Company holds its interests in each of
these properties in accordance with industry standards.

<PAGE>
                                       7

                                   [GRAPHIC]

<PAGE>
                                       8


GOLD EQUIVALENT PRODUCTION

The following table sets forth the Company's gold equivalent production for each
of its operating assets in the last three years:

                           GOLD EQUIVALENT PRODUCTION
                         FOR THE YEAR ENDED DECEMBER 31,



                                       2001          2000          1999
                                     ---------     ---------     ---------
PRIMARY OPERATIONS:

Fort Knox Mine                         411,221       362,959       351,120
Hoyle Pond Mine                        156,581       140,441       136,709
Kubaka Mine (1)                        237,162       244,641       254,625
Refugio Mine                            67,211        85,184        90,008
Blanket Mine                            39,592        34,571        37,755
                                     ---------     ---------     ---------
                                       911,767       867,796       870,217
                                     ---------     ---------     ---------

OTHER OPERATIONS:

Andacollo (2)                           11,718        21,030          --
Denton-Rawhide Mine (2)                 17,713        29,361        62,792
Hayden Hill Mine                         1,887         9,582        17,020
Macassa Mine (3)                          --            --          38,689
Guanaco Mine                             1,718        16.029        23,690
                                     ---------     ---------     ---------
                                        33,036        76,002       142,191
                                     ---------     ---------     ---------
Total gold equivalent production       944,803       943,798     1,012,408
                                     =========     =========     =========

(1)   Increased ownership interest to 53% December 1998 and to 54.7% December
      1999.
(2)   The 49% interest in the Denton-Rawhide mine was sold to Pacific Rim on
      March 31, 2000 for common shares of Pacific Rim . As a result of this
      transaction and the sale to Pacific Rim of certain other assets, the
      Company effectively holds a 15.7 and 32.1% interest in the Denton-Rawhide
      and Andacollo mines, respectively at December 31, 2001.
(3)   Sold December 14, 2001.


MARKETING

Gold is a metal that is traded on world markets, with benchmark prices generally
based on the London market (London fix). Gold has two principal uses: product
fabrication and bullion investment. Fabricated gold has a wide variety of end
uses, including jewelry manufacture (the largest fabrication component),
electronics, dentistry, industrial and decorative uses, medals, medallions and
official coins. Gold bullion is held primarily as a store of value and a
safeguard against the collapse of paper assets denominated in fiat currencies.

The Company sells all of its refined gold to banks, bullion dealers, and
refiners. The Company's sales to major customers that exceeded 10% of total
sales were $148.6 million to four customers during 2001 and $92.9 million to
three customers in 2000. Due to the size of the bullion market and the above
ground inventory of bullion, activities by the Company will generally not
influence gold prices. The Company believes that the loss of any of these
customers would have no material adverse impact on the Company because of the
active worldwide market for gold.

The following table sets forth for the years indicated the high and low London
PM fix for gold.

<PAGE>
                                       9



      YEAR                       HIGH                          LOW
      ----                       ----                          ---
      1997                      $366.55                      $283.00
      1998                      $313.15                      $273.40
      1999                      $325.50                      $252.80
      2000                      $312.70                      $263.80
      2001                      $293.25                      $255.95


MINERAL RESERVES AND MINERAL RESOURCES

The following tables sets forth the Company's mineral reserves and mineral
resources for each of its properties:

<TABLE>
<CAPTION>
PROVEN AND PROBABLE MINERAL RESERVES
Kinross Gold Corporation's Share at December 31, 2001
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
                                                     PROVEN                       PROBABLE                     TOTAL
                                            ----------------------------------------------------------------------------------------
                            Kinross'        Tonnes   Grade   Contained     Tonnes   Grade  Contained    Tonnes  Grade   Contained
       Property             Share %         (000)    (g/t)     (ozs)       (000)    (g/t)    (ozs)       (000)  (g/t)     (ozs)
------------------------------------------------------------------------------------------------------------------------------------
<S>                      <C>            <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>     <C>
GOLD
Timmins - Canada:
       Hoyle Pond            100.0           367     13.31    157,000       554     14.04   250,000       921   13.74    407,000
       Pamour (1)            100.0           -       -         -         14,167      1.65   753,000    14,167    1.65    753,000

Fort Knox and Area-USA (2)   100.0        42,594      0.95  1,305,000    43,051      1.06 1,463,000    85,645    1.01  2,768,000
       Stockpile (3)         100.0        16,618      0.51    270,000     1,657      0.84    45,000    18,275    0.54    315,000

Kubaka - Russia (2)           54.7           166     21.55    115,000       245     19.93   157,000       411   20.58    272,000
       Stockpile (3)          54.7           446      5.44     78,000        -        -       -           446    5.44     78,000

Refugio - Chile               50.0        11,275      0.96    347,000    12,280      0.91   359,000    23,555    0.93    706,000

Blanket - Zimbabwe (4)       100.0           819      4.48    118,000     1,119      4.39   158,000     1,938    4.43    276,000
       Tailings (4)          100.0         1,582      1.04     53,000        -         -       -        1,582    1.04     53,000

Pacific Rim
      Denton Rawhide - USA    15.7         1,296      0.79     33,000        -         -       -        1,296    0.79     33,000
------------------------------------------------------------------------------------------------------------------------------------
       Total                              75,163      1.02  2,476,000    73,073      1.36 3,185,000   148,236    1.19  5,661,000
------------------------------------------------------------------------------------------------------------------------------------

SILVER

Kubaka - Russia               54.7           612      15.8    310,000       245    24.1     190,000       857   18.15    500,000

Pacific Rim
     Denton Rawhide - USA     15.7         1,296      11.3    470,000        19    16.4      10,000     1,315   11.35    480,000
------------------------------------------------------------------------------------------------------------------------------------
       Total                               1,908      12.7    780,000       264    23.6     200,000     2,172   14.03    980,000
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

(1) Development Project
(2) In place direct mill feed
(3) Includes current stockpile and mill feed that will be stockpiled
    for future use.
(4) Blanket underground mine and Vubachikwe tailings

<PAGE>
                                       10



<TABLE>
<CAPTION>

MEASURED AND INDICATED MINERAL RESOURCES (EXCLUDING RESERVES)
Kinross Gold Corporation's Share at December 31, 2001
------------------------------------------------------------------------------------------------------------------------------------
                                                     MEASURED                     INDICATED                    TOTAL
                                            ----------------------------------------------------------------------------------------
                            Kinross'        Tonnes   Grade   Contained     Tonnes   Grade  Contained    Tonnes  Grade   Contained
       Property             Share %         (000)    (g/t)     (ozs)       (000)    (g/t)    (ozs)       (000)  (g/t)     (ozs)
------------------------------------------------------------------------------------------------------------------------------------
<S>                      <C>            <C>       <C>       <C>         <C>       <C>      <C>         <C>      <C>    <C>
GOLD

Timmins - Canada:
  Hoyle Pond Underground     100.0          352      9.98      113,000       836     9.23     248,000    1,188    9.45     361,000
       Other Underground     100.0          529      5.64       96,000     2,109     4.11     279,000    2,638    4.42     375,000
       Pamour Open Pit       100.0            -         -            -    37,619     1.53   1,847,000   37,619    1.53   1,847,000
       Other Open Pit        100.0            -         -            -     7,270     1.98     462,000    7,270    1.98     462,000

George/Goose Lake-Canada     100.0            -         -            -     4,238     9.76   1,330,000    4,238    9.76   1,330,000

United States:
   Ft. Knox and Area(5)      100.0       12,421      0.66      265,000    25,335     0.92     750,000   37,756    0.84   1,015,000
   Delamar                   100.0          610      0.61       12,000     2,199     1.92     136,000    2,809    1.64     148,000
   Goldbanks                 100.0            -         -            -    26,806     0.66     569,000   26,806    0.66     569,000

Kubaka - Russia               54.7          348      2.32       26,000        25     2.49       2,000      373    2.33      28,000

Refugio - Chile               50.0        4,575      0.75      111,000    21,810     0.75     525,000   26,385    0.75     636,000

Blanket - Zimbabwe           100.0            -         -            -     2,572     5.78     478,000    2,572    5.78     478,000

Norseman - Australia         100.0            -         -            -    26,991     1.34   1,162,000   26,991    1.34   1,162,000

Greystar Resources
   Angostura - Colombia       18.6            -         -            -     8,250     1.69     448,000    8,250    1.69     448,000

Pacific Rim
   Denton Rawhide - USA       15.7        1,123      0.55       20,000        46     0.68       1,000    1,169    0.56      21,000
   Andacollo - Chile          32.1        6,941      0.72      160,000     8,784     0.64     182,000   15,725    0.68     342,000
   Eldorado - El Salvador     32.1            -         -            -       969     7.64     238,000      969    7.64     238,000
------------------------------------------------------------------------------------------------------------------------------------
       Total                             26,899      0.93      803,000   175,859     1.53   8,657,000  202,758    1.45   9,460,000
------------------------------------------------------------------------------------------------------------------------------------
SILVER

United States:
    Delamar                  100.0          610     64.8     1,270,000     2,199    36.5    2,580,000    2,809   42.6    3,850,000
    Goldbanks                100.0           -        -           -       26,806     1.9    1,650,000   26,806    1.9    1,650,000

Kubaka - Russia               54.7          348      8.9       100,000         -      -          -         348    8.9      100,000

Greystar Resources
    Angostura - Colombia      18.6           -        -           -        8,250     6.1    1,620,000    8,250    6.1    1,620,000
    Denton Rawhide - USA      15.7        1,123      8.9       320,000        46    13.5       20,000    1,169    9.0      340,000
    Eldorado - El Salvador    32.1           -        -           -          969    56.8    1,770,000      969   56.8    1,770,000
------------------------------------------------------------------------------------------------------------------------------------
       Total                              2,081     25.26    1,690,000    38,270     6.21   7,640,000   40,351    7.19   9,330,000
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(5)  Kinross Share is 100% except Gil property at 80% (Indicated Resource
     of 3.4 million tonnes containing 146,000 gold ounces)


         Mineral Reserve and Mineral Resource Notes

1.       Reported reserves and resources have been calculated in accordance
         with: the National Instrument 43-101 under the Canadian Securities Law,
         and the Canadian Institute of Mining Standards ("CIM") on Mineral
         Resource and Reserve Definitions and Guidelines.


2.       The reserves are based on an assumed long-term gold price of U.S. $300
         per ounce and reflect mining dilution and mining recovery.


3.       Applying industry standard methodology, each property has a unique
         process gold recovery and cutoff grade(s).



                                             Average                  Average
                Producing                    Process                Gold Cutoff
                 Property                   Recovery                Grade(s) g/t
                 --------                   --------                ------------
                Hoyle Pond                    88.0%                     7.68
                Fort Knox                     85.6%                     0.43
                True North                    85.0%                     0.69


<PAGE>
                                       11




                  Kubaka                      97.5%                     3.20
                 Refugio                      67.2%                     0.48
                 Blanket                      87.0%                     3.20
              Blanket Tails                   63.0%                     n/a



4.       Unlike reserves, resources do not have a demonstrated economic value.


5.       In addition to the reported measured and indicated resources, inferred
         resources total 115.7 million tonnes containing an estimated 5.83
         million gold ounces.


6.       The impact of a $25/oz. reduction in the long-term gold price (to
         $275/oz.) results in an estimated 8% decrease in reserve gold ounces.
         Alternately, the impact of a $25/oz. rise in the long-term gold price
         (to $325/oz.), results in an estimated 6% increase in reserve gold
         ounces.


7.       Except for "Other Sources" listed below, the Company's employees, who
         meet the National Instrument 43-101 requirements for a Qualified
         Person, have prepared the reserve and resource estimations.


                               Qualified Persons Responsible for Estimated
Reserves and Resources


         Mine / Property          Name                     Title(s)
         Hoyle Pond Mine    R. Cooper, P.Eng. &     Manager Technical Services,
                            A. Still, AGO           Chief Geologist (Hoyle Pond)
         Other Timmins      A. Still, AGO           Chief Geologist (Hoyle Pond)
         Pamour             R. Cooper, P. Eng.      Manager Technical Services
                                                    (Hoyle Pond)
         Fort Knox Mine     T. Wilton, P. Geo. &    Chief Geologist (Fort Knox),
                            V. Miller, PE           Engineering Manager
                                                    (Kinross Technical Services)
         True North, Ryan
         Lode and Gil       T. Wilton, P. Geo.      Chief Geologist (Fort Knox)
         DeLamar            V. Miller, PE           Engineering Manager (Kinross
                                                    Technical Services)
         Goldbanks          V. Miller, PE           Engineering Manager (Kinross
                                                    Technical Services)
         Kubaka             V. Miller, PE & B.      Engineering Manager (Kinross
                            Falletta, PE            Technical Services),
                                                    Engineering Manager (Kubaka)
         Refugio            V. Miller, PE           Engineering Manager (Kinross
                                                    Technical Services)
         Blanket            G. Ndebele, GSZ &       Geological Manager
                            R. Dye, PE              (Blanket), Vice President
                                                    Technical Services
         Norseman           B. Butler, P. Geo. &    Sr. Geologist (Norseman),
                            T. Wilton, P. Geo.      Chief Geologist (Fort Knox)


                                  Other Sources


         George/Goose Lake  MRDI, S. Juras, P. Geo.
         Angostura          Information provided by Greystar Resources
         Dayton             Information provided by Dayton Mining Corp.


RISK FACTORS

         NATURE OF MINERAL EXPLORATION AND MINING

The exploration and development of mineral deposits involves significant
financial and other risks over an extended period of time, which even a
combination of careful evaluation, experience and knowledge may not eliminate.

<PAGE>
                                       12



While discovery of a gold-bearing structure may result in substantial rewards,
few properties which are explored are ultimately developed into producing mines.
Major expenses are required to establish reserves by drilling and to construct
mining and processing facilities at a site. It is impossible to ensure that the
current or proposed exploration programs on properties in which the Company has
an interest will result in profitable commercial mining operations.

The operations of the Company are subject to the hazards and risks normally
incident to exploration, development and production of gold, any of which could
result in damage to life or property, environmental damage and possible legal
liability for such damage. The activities of the Company may be subject to
prolonged disruptions due to weather conditions depending on the location of
operations in which the Company has interests. Hazards, such as unusual or
unexpected formations, rock bursts, pressures, cave-ins, flooding or other
conditions may be encountered in the drilling and removal of material. While the
Company may obtain insurance against certain risks, the nature of these risks
are such that liabilities could exceed policy limits or could be excluded from
coverage. There are also risks against which the Company cannot insure or
against which it may elect not to insure. The potential costs which could be
associated with any liabilities not covered by insurance or in excess of
insurance coverage or compliance with applicable laws and regulations may cause
substantial delays and require significant capital outlays, adversely affecting
the future earnings and competitive position of the Company and, potentially,
its financial viability.

Whether a gold deposit will be commercially viable depends on a number of
factors, some of which are the particular attributes of the deposit, such as its
size and grade, costs and efficiency of the recovery methods that can be
employed, proximity to infrastructure, financing costs and governmental
regulations, including regulations relating to prices, taxes, royalties,
infrastructure, land use, importing and exporting of gold and environmental
protection. The effect of these factors cannot be accurately predicted, but the
combination of these factors may result in the Company not receiving an adequate
return on its invested capital.

         ENVIRONMENTAL RISKS

The Company's mining and processing operations and exploration activities in
Canada, the United States, Russia, Chile, Australia and Zimbabwe and other
countries are subject to various laws and regulations governing the protection
of the environment, exploration, development, production, exports, taxes, labour
standards, occupational health, waste disposal, toxic substances, mine safety
and other matters. New laws and regulations, amendments to existing laws and
regulations, or more stringent implementation of existing laws and regulations
could have a material adverse impact on the Company, increase costs, cause a
reduction in levels of production and/or delay or prevent the development of new
mining properties. The Company is currently in compliance in all material
respects with all applicable environmental laws and regulations. Such compliance
requires significant expenditures and increases the Company's mine development
and operating costs.

In all jurisdictions, permits from various governmental authorities are
necessary in order to engage in mining operations. Such permits relate to many
aspects of mining operations, including maintenance of air, water and soil
quality standards. In most jurisdictions, the requisite permits cannot be
obtained prior to completion of an environmental impact statement and, in some
cases, public consultation. Further, the Company may be required to submit for
government approval a reclamation plan and to pay for the reclamation of the
mine site upon the completion of mining activities. The Company estimates its
share of reclamation closure obligations at $72.9 million based on information
currently available. As at December 31, 2001, the Company has accrued $55.6
million of this liability. The Company will continue to accrue this liability on
a unit-of-production basis over the remaining reserves. In addition, the Company
plans reclamation spending of approximately $12.6 million in 2002 as part of its
aggressive plan to get as many closure projects as possible to post closure
monitoring by the end of 2004.

Mining, like many other extractive natural resource industries, is subject to
potential risks and liabilities associated with pollution of the environment and
the disposal of waste products occurring as a result of mineral exploration and

<PAGE>
                                       13



production. Environmental liability may result from mining activities conducted
by others prior to the Company's ownership of a property. To the extent the
Company is subject to uninsured environmental liabilities, the payment of such
liabilities would reduce funds otherwise available and could have a material
adverse effect on the Company. Should the Company be unable to fund fully the
cost of remedying an environmental problem, the Company might be required to
suspend operations or enter into interim compliance measures pending completion
of the required remedy, which could have a material adverse effect on the
Company.

         RESERVE ESTIMATES

The figures for reserves presented herein are estimates, and no assurance can be
given that the anticipated tonnages and grades will be achieved or that the
indicated level of recovery will be realized. Market fluctuations in the price
of gold may render the mining of ore reserves uneconomical and require the
Company to take a writedown of the asset or to discontinue development or
production. Moreover, short-term operating factors relating to the reserves,
such as the need for orderly development of the ore body or the processing of
new or different ore grades, may cause a mining operation to be unprofitable in
any particular accounting period.

Proven and probable reserves at the Company's mines and development projects
were calculated based upon a gold price of $300 per ounce of gold. Recently,
gold prices have been significantly below these levels. Prolonged declines in
the market price of gold may render reserves containing relatively lower grades
of gold mineralization uneconomic to exploit and could reduce materially the
Company's reserves. Should such reductions occur, material write downs of the
Company's investment in mining properties or the discontinuation of development
or production might be required, and there could be material delays in the
development of new projects, increased net losses and reduced cash flow.

The estimates of proven and probable gold reserves attributable to a specific
property of the Company are based on accepted engineering and evaluation
principles. The amount of proven and probable gold does not necessarily
represent an estimate of a fair market value of the evaluated properties.

There are numerous uncertainties inherent in estimating quantities of proven and
probable gold reserves. The estimates in this Annual Information Form are based
on various assumptions relating to gold prices and exchange rates during the
expected life of production, and the results of additional planned development
work. Actual future production rates and amounts, revenues, taxes, operating
expenses, environmental and regulatory compliance expenditures, development
expenditures and recovery rates may vary substantially from those assumed in the
estimates. Any significant change in these assumptions, including changes that
result from variances between projected and actual results, could result in
material downward or upward revision of current estimates.

         OPERATIONS OUTSIDE OF NORTH AMERICA

The Company has mining operations in Russia, Chile and Zimbabwe and is
conducting certain of its exploration and development activities in Russia,
Zimbabwe and Australia. The Company believes that the governments of these
countries generally support the development of their natural resources by
foreign operators. There is no assurance that future political and economic
conditions in these countries will not result in these governments adopting
different policies respecting foreign development and ownership of mineral
resources. Any such changes in policy may result in changes in laws affecting
ownership of assets, taxation, rates of exchange, gold sales, environmental
protection, labour relations, repatriation of income, and return of capital,
which may affect both the ability of the Company to undertake exploration and
development activities in respect of future properties in the manner currently
contemplated, as well as its ability to continue to explore, develop and operate
those properties for which it has obtained exploration, development and
operating rights to date. The possibility that a future government of these
countries may adopt substantially different policies, which might extend to
expropriation of assets, cannot be ruled out.

<PAGE>
                                       14



In 2001, the Company recorded a writedown of $11.8 million relating to the
Blanket mine due to the Company's inability to manage this operation because of
political turmoil creating extreme inflationary pressures within Zimbabwe,
difficulty in accessing foreign currency to pay for imported goods and services
and civil unrest.

The Company is subject to the considerations and risks of operating in Russia.
The economy of the Russian Federation continues to display characteristics of an
emerging market. These characteristics include, but are not limited to, the
existence of a currency that is not freely convertible outside of the country,
extensive currency controls and high inflation. The prospects for future
economic stability in the Russian Federation are largely dependent upon the
effectiveness of economic measures undertaken by the government, together with
legal, regulatory and political developments.

Russian laws, licenses and permits have been in a state of change and new laws
may be given a retroactive effect. In addition, Russian tax legislation is
subject to varying interpretations and constant change. Further, the
interpretation of tax legislation by tax authorities as applied to the
transactions and activities of the Company's Russian operations may not coincide
with that of management. As a result, transactions may be challenged by tax
authorities and the Company's Russian operations may be assessed additional
taxes, penalties and interest, which could be significant. The periods remain
open to review by the tax authorities for three years.

Of particular significance in Russia is the right of Russian authorities to
purchase gold produced from Omolon, with payment 50% in U.S. dollars and 50% in
Russian rubles at then current London gold prices. Under the terms of the Omolon
purchase and sale agreement, all dore must be initially offered to Gokhran
Russia ("Gokhran"), an entity responsible for precious metals and precious
stones established by the Ministry of Finance of the Russian Federation. Payment
for dore purchased by Gokhran has historically been made in Russian rubles (50
%) and U.S. dollars (50 %) but most recently was paid 100% in rubles and Gokhran
has indicated that it has no intention of paying U.S. dollars henceforth. The
dore that Gokhran does not elect to purchase may be sold domestically to
licensed purchasers or exported by Omolon. During 2000, the Central Bank of
Russia required that Omolon, under a grandfathered clause, repatriate back to
Russia 50 % of export receipts and convert them into Russian rubles. During the
year ending December 31, 2001, Omolon sold all of its gold domestically for
Russian rubles.

The Company currently has political risk insurance coverage from the United
States Overseas Private Investment Corporation and Multilateral Investment
Guarantee Agency covering a portion of its investment in Omolon. However, there
is no guarantee that the Company will continue to qualify for such insurance.

In addition, the economies of the countries of Russia, Chile or Zimbabwe differ
significantly from the economies of Canada and the United States. Growth rates,
inflation rates and interest rates of developing nations have been and are
expected to be more volatile than those of western industrial countries.

         LICENSES AND PERMITS

The operations of the Company require licenses and permits from various
governmental authorities. The Company believes that it holds all necessary
licenses and permits under applicable laws and regulations and believes it is
presently complying in all material respects with the terms of such licenses and
permits. However, such licenses and permits are subject to change in various
circumstances. There can be no guarantee that the Company will be able to obtain
or maintain all necessary licenses and permits that may be required to explore
and develop its properties, commence construction or operation of mining
facilities and properties under exploration or development or to maintain
continued operations that economically justify the cost.

         GOLD PRICES

The profitability of any gold mining operations in which the Company has an
interest will be significantly affected by changes in the market price of gold.

<PAGE>
                                       15



Gold prices fluctuate on a daily basis and are affected by numerous factors
beyond the control of the Company. The supply and demand for gold, the level of
interest rates, the rate of inflation, investment decisions by large holders of
gold, including governmental reserves, and stability of exchange rates can all
cause significant fluctuations in gold prices. Such external economic factors
are in turn influenced by changes in international investment patterns and
monetary systems and political developments. The price of gold has fluctuated
widely and future serious price declines could cause continued commercial
production to be impractical. Depending on the price of gold, cash flow from
mining operations may not be sufficient to cover costs of production and capital
expenditures. If, as a result of a decline in gold prices, revenues from metal
sales were to fall below cash operating costs, production may be discontinued.

         HISTORY OF LOSSES

The Company had net losses of $36.9 million, $126.1 million and $240.7 million
for 2001, 2000 and 1999, respectively. The Company's ability to operate
profitably in the future will depend on the success of its three principal
mines, Fort Knox, Kubaka and Hoyle Pond, and on the price of gold. There can be
no assurance that the Company will be profitable.

         TITLE TO PROPERTIES

The validity of mining claims which constitute most of the Company's property
holdings in Canada, the United States, Chile, Zimbabwe, Australia and Russia
may, in certain cases, be uncertain and is subject to being contested. Although
the Company has attempted to acquire satisfactory title to its properties, some
risk exists that the Company's titles, particularly title to undeveloped
properties, may be defective.

Certain of the Company's United States mineral rights consist of unpatented lode
mining claims. Unpatented mining claims may be located on U.S. federal public
lands open to appropriation, and may be either lode claims or placer claims
depending upon the nature of the deposit within the claim. In addition,
unpatented mill site claims, which may be used for processing operations or
other activities ancillary to mining operations, may be located on federal
public lands that are non-mineral in character. Unpatented mining claims and
mill sites are unique property interests, and are generally considered to be
subject to greater title risk than other real property interests because the
validity of unpatented mining claims is often uncertain and is always subject to
challenges of third parties or contests by the federal government of the United
States. The validity of an unpatented mining claim, in terms of both its
location and its maintenance, is dependent on strict compliance with a complex
body of U.S. federal and state statutory and decisional law. In addition, there
are few public records that definitively control the issues of validity and
ownership of unpatented mining claims. The General Mining Law of the United
States, which governs mining claims and related activities on U.S. federal
public lands, includes provisions for obtaining a patent, which is essentially
equivalent to fee title, for an unpatented mining claim upon compliance with
certain statutory requirements (including the discovery of a valuable mineral
deposit).

         COMPETITION

The mineral exploration and mining business is competitive in all of its phases.
The Company competes with numerous other companies and individuals, including
competitors with greater financial, technical and other resources than the
Company, in the search for and the acquisition of attractive mineral properties.
The ability of the Company to acquire properties in the future will depend not
only on its ability to develop its present properties, but also on its ability
to select and acquire suitable producing properties or prospects for mineral
exploration. There is no assurance that the Company will continue to be able to
compete successfully with its competitors in acquiring such properties or
prospects.

         INSURANCE / SURETY

In accordance with standard industry practice, the Company seeks to obtain
bonding and other insurance in respect of its liability for costs associated
with the reclamation of mine, mill and other sites used in its operations and

<PAGE>
                                       16



against other environmental liabilities, including liabilities imposed by
statute. Due to recent developments which have affected the insurance and
bonding markets worldwide, such bonding and/or insurance may be difficult or
impossible to obtain in the future or may only be available at significant
additional cost. In the event that such bonding and/or insurance cannot be
obtained by the Company or is obtainable only at significant additional cost,
the Company may become subject to financial liabilities which may affect its
financial resources.

         CURRENCY RISK

Currency fluctuations may affect the revenues which the Company will realize
from its operations as gold is sold in the world market in United States
dollars. The costs of the Company are incurred principally in Canadian dollars,
United States dollars, Russian rubles, Chilean pesos and also in Zimbabwean
dollars. While the Russian ruble, Chilean peso and the Zimbabwean dollar are
currently convertible into Canadian and United States dollars, there is no
guarantee that they will continue to be so convertible.

         JOINT VENTURES

Some of the mines in which the Company owns interests are operated through joint
ventures with other mining companies. Any failure of such other companies to
meet their obligations to the Company or to third parties could have a material
adverse effect on the joint ventures. In addition, the Company may be unable to
exert influence over strategic decisions made in respect of such properties.

         ROYALTIES

The Company's mining properties are subject to various royalty and land payment
agreements. Failure by the Company to meet its payment obligations under these
agreements could result in the loss of related property interests.

         HEDGING

The Company has historically reduced its exposure to gold and silver price
fluctuations by engaging in hedging activities. There can be no assurance that
the Company will continue the hedging techniques successfully used, or any other
hedging techniques, or that, if they are continued, the Company will be able to
achieve in the future realized prices for gold produced in excess of average
London market prices as a result of its hedging activities.

EMPLOYEES

At December 31, 2001, the Company and its subsidiaries employed approximately
2,100 persons. The hourly employees at the Guanaco mine are represented by the
Sociedad Contractual Minera Guanaco labor union and are covered by a labour
contract that expires at the end of May 2002. The hourly employees at the
Refugio mine are represented by the Sindicato de Trabajadores de Compania Minera
Maricunga labour union and are covered by a labour contract that expires at the
end of April 2002. The hourly employees at the Blanket mine are represented by
the Associated Mine Workers Union of Zimbabwe and are covered by a labour
contract that expires at the end of December 2002. The Company's employees in
the United States and Canada, are predominately non-unionized although former
employees of the Pamour operation are represented, via collective agreement. The
recall rights for all of these Pamour employees have expired and negotiations
remain ongoing concerning the status of a future collective agreement. In
addition, if the Porcupine Area Joint Venture is completed the hourly Placer
employees in Timmins are covered by a collective agreement that expires at the
end of October 2002. The Company considers its employee relations to be good.

<PAGE>
                                       17



MATERIAL PROPERTIES

The following properties have been identified as material to the Company. All
production data is presented on a 100% basis with the exception of gold
equivalent production, which represents the Company's proportionate share.

         FORT KNOX MINE AND AREA, ALASKA

The Company is the owner of the Fort Knox mine. The Fort Knox mine includes the
main Fort Knox open pit mine, mill, and tailings storage facility, the True
North open pit mine, which commenced production in 2001, the Ryan Lode project
and an 80% ownership interest in the Gil property that is subject to a joint
venture agreement with Teryl Resources Corp ("Teryl"). The Company's ownership
interest in the Fort Knox mine was acquired as a result of the Kinam Merger on
June 1, 1998. The Fort Knox mine and True North mine employed approximately 360
people at December 31, 2001. The Fort Knox property has been pledged as security
against the syndicated credit facility which supports, inter-alia, $49.0 million
of industrial revenue bonds outstanding as at December 31, 2001.

         Property Description and Location

                  Fort Knox Open Pit

The Fort Knox open pit mine mill and mineral claims cover approximately 20,500
hectares located 40 kilometers northeast of Fairbanks Alaska. The claim block
consists of two State of Alaska Upland Mineral Leases, 1,168 State of Alaska
mining claims and one unpatented federal lode mining claim. The current reserve
is located on approximately 505 hectares of land held under State of Alaska
Upland Mineral Leases that expire in 2014. These leases may be renewed for a
period not to exceed 55 years.

The State of Alaska Upland Mineral Leases that the current reserves are located
on are subject to a 3% Alaska production royalty based on taxable income. All
production from the State of Alaska mining claims is subject to the State of
Alaska Mine License Tax following a three-year tax grace period after production
commences. The State of Alaska Mine License Tax is graduated from 3% to 7% of
taxable income. The unpatented federal lode mining claim is owned by the Company
and not subject to any royalties. There were no royalties paid in 2001, or 2000.

All requisite permits have been obtained for the mining and continued
development of the Fort Knox open pit mine and are in good standing. The Company
is in compliance with the Fort Knox permits in all material respects.

                  True North Open Pit

The True North open pit mine mineral claims covers approximately 3,804 hectares
located 40 kilometers northeast of Fairbanks Alaska. The claim block consists of
104 State of Alaska mining claims owned by the Company and mineral leases with
third parties covering an additional 138 State of Alaska mining claims.

All production from the State of Alaska mining claims is subject to the State of
Alaska Mine License Tax following a three-year tax grace period after production
commences. The State of Alaska Mine License Tax is graduated from 3% to 7% of
taxable income. In addition to the State of Alaska Mine License Tax, the leased
state mining claims are subject to net smelter royalties ranging from 3.5% to
5%, less any advanced royalties paid. The Company paid advance royalties of
$150,000 in 2001 and 2000.

All requisite permits have been obtained for the mining of Phase I of the True
North open pit mine which consists of the Hindenburg and East Pit Zones. As at
December 31, 2001, 47% of proven and probable reserves are located within the

<PAGE>
                                       18



Hindenburg and East Pit Zones. These permits are in good standing. The Company
is currently in compliance with the True North permits in all material respects.
The Company is currently in the process of amending the current True North
permits in order to further develop the deposit. The Company estimates it will
receive the required permits in 2002.

                  Ryan Lode Project

The Ryan Lode project mineral claims cover approximately 500 hectares located
ten kilometers west of Fairbanks Alaska. The claim block consists of 50 State of
Alaska mining claims, ten patented federal mining claims and five unpatented
federal mining claims, all leased from third parties. All production from the
State of Alaska mining claims is subject to the State of Alaska Mine License Tax
following a three-year tax grace period after production commences. The State of
Alaska Mine License tax is graduated from 3% to 7% of taxable income. In
addition to the State of Alaska Mine License Tax, the leased claims are subject
to net smelter royalties of 5%, and annual rental payments of $150,000. The
annual rental payments are not deductible when computing the net smelter return
royalties. The Company paid $150,000 of annual rental payments in each of 2001
and 2000.

The Company has conducted limited exploration on the properties since acquiring
the Ryan Lode project from La Teko in 1999.

                  Gil Property

The Gil property mineral claims cover approximately 2,700 hectares located
contiguous to the Fort Knox claim block. The claim block consists of 167 State
of Alaska mining claims and is subject to a joint venture agreement between the
Company and Teryl. The Company's ownership interest in the Gil claim block is
80%. All production from the State of Alaska mining claims is subject to the
State of Alaska Mine License Tax following a three-year tax grace period after
production commences. The State of Alaska Mine License tax is graduated from 3%
to 7% of taxable income.

The Company continues to actively explore the Gil claims.

         Accessibility, Climate, Local Resources, Infrastructure, and
         Physiography

Access to the Fort Knox mine from Fairbanks Alaska is by 34 kilometers of paved
highway and eight kilometers of unpaved road. The True North mine is located 18
kilometers west of the Fort Knox property and is accessible by an unpaved road.
The Ryan Lode project is located 65 kilometers from the Fort Knox property and
is accessible by 54 kilometers of paved road and 11 kilometers of unpaved roads.
The area is characterized by continental climate with cold dry winters and warm
moist summers. Daily sunlight varies from 4 to 20 hours per day. Temperatures
range from below -50 Celsius to above +35 Celsius. Mean precipitation is
approximately 30 centimeters annually.

The area topography consists of rounded ridges with gentle side slopes.
Vegetation includes spruce, birch and willow trees and various shrubs, grasses
and mosses. The elevation ranges from 1,000 to 1,600 meters.

The Fort Knox milling operation obtains its process water from a fresh water
reservoir located within the permitted property area. The tailings storage area
on site has adequate capacity for the remaining mine life of the Fort Knox and
the True North mines. Power is provided to the mine by Golden Valley Electric
Association's power grid serving the area over a distribution line paid for by
the Company.

<PAGE>
                                       19



         History

An Italian prospector named Felix Pedro discovered gold in the Fairbanks mining
district in 1902. Between 1902 and 1993 more than 8.0 million ounces of
predominately placer gold were mined in the district. In 1984 a geologist
discovered visible gold in granitic hosted quartz veins on the Fort Knox
property. Between 1987 and 1991, a number of companies conducted extensive
exploration work on the Fort Knox, True North and Gil properties. In 1991, Kinam
entered into a joint venture agreement with Teryl to explore the Gil property.
In 1992, Kinam acquired ownership of the Fort Knox property. Construction of the
Fort Knox mine and mill operations began in 1995 and were completed in 1997.
Commercial production at Fort Knox was achieved on March 1, 1997. Construction
of the mine was completed at a capital cost of approximately $373 million, which
included approximately $28 million of capitalized interest. After acquiring
ownership of the True North property in 1999, the Company completed
pre-production capital expenditures, primarily permitting and the building of a
haulage road to the Fort Knox mill. Commercial production at True North was
achieved on April 1, 2001. Pre-production capital expenditures for True North
were approximately $ 29.6 million.

         Geological Setting and Mineralization

The Company's mining and exploration properties are located within the Fairbanks
mining district, a southwest - northeast trending belt of lode and placer gold
deposits that comprise one of the largest gold producing areas in the state of
Alaska.

The Fairbanks district is situated in the northwestern part of the Yukon -
Tanana Uplands. The Yukon - Tanana terrane consists of a thick sequence of
polymetamorphic rocks that range from Precambrian to upper Paleozoic in age. The
protoliths were comprised primarily of sedimentary and volcanic units, with only
minor rocks of plutonic origin. The region has undergone at least two periods of
dynamic and thermal metamorphism, an early prograde amphibolite event, and a
later, retrograde, greenschist facies event. Some workers have suggested a more
complex metamorphic history for the area, with the identification of four phases
of penetrative deformation.

The dominant rock unit in the district is the Fairbanks Schist. It is comprised
of gray to brown fine-grained micaceous schist and micaceous quartzite.
Interlayered with the Fairbanks Schist is the Cleary Sequence, a varied
assemblage of metamorphic lithologies. In the northern part of the district high
grade metamorphic rocks of the Chatanika terrane have been identified. These
rocks, which are in fault contact with the Fairbanks Schist and Cleary Sequence,
are thought to be Devonian to Mississippian in age, and have been metamorphosed
to eclogite facies.

The dominant structural trend of the district is expressed by numerous northeast
trending faults and shear zones. These structures, which were important to the
localization of gold mineralization, show a dominant strike-slip movement.

Several intrusive bodies, ranging in age from late Cretaceous to early Tertiary,
penetrate the Yukon - Tanana terrane. They generally range from ultramafic to
felsic in composition, and can be distinguished from older intrusive rocks by
their lack of metamorphic textures.

         Exploration

The Company routinely carries out exploration and development activities on its
properties in the Fairbanks area. The 2001 exploration program focused on
drilling at the True North gold deposit. The bulk of work was drilling and was
completed to define the limits of strong mineralization in the area of the
Hindenburg pit and establish the continuity of mineralization in this portion of
the deposit. Limited drilling and other field activities were carried out at the
Gil project. A short drilling program was completed on the Steamboat prospect,
and mapping, trenching and sampling were completed at the Amanitaville prospect.

<PAGE>
                                       20



The planned exploration and development drilling program for 2002 includes an
in-pit drilling program at the Fort Knox mine (approximately 20 holes totaling
about 5,500 meters) and areas immediately adjacent to it, a comprehensive
drilling program at the True North mine and vicinity (146 holes totaling 10,725
meters), continued exploration drilling at the Gil project, and less intensive
exploration of other early-stage prospects elsewhere in the Fairbanks region.
The 2002 mineral exploration program may be modified from time to time, in
response to changing results from the work programs.

         Drilling, Sample and Analysis, and Security of Samples

Drilling is the principal tool utilized to explore for and define mineral
deposits in the Fairbanks mining district. Two types of drilling are utilized
during exploration and development programs at the various properties, diamond
core and reverse circulation drilling.

Core drilling is the process of obtaining continuous cylindrical samples of rock
from drill holes by means of annular shaped rock cutting bits rotated by a
bore-hole drilling machine. Core drilling, also referred to as diamond drilling,
is commonly used to collect undisturbed and continuous samples from either
complete drill holes or intervals of holes that are of particular interest for
the purposes of detailed and comprehensive sampling, for geotechnical and rock
strength tests, or because alternative drilling methods may be incapable of
providing appropriate geological or geotechnical data.

Reverse circulation is a method of rotary drilling whereby the drilling medium
is circulated to the drill bit face from the surface and the drill cuttings that
are ground up by the drill bit cutting face are removed from the drill hole by
the drilling medium (water, foam or other drilling muds and additives, or air)
inside the drill rods. Reverse circulation drilling is a generally accepted
method that is commonly used in mineral exploration and development drilling
programs throughout the world.

Reverse circulation drill cuttings are collected at one and a half meter
intervals by a geologist or helper at each drill site. The data for each sample
is entered in digitized format on a log sheet. Occasional written comments are
also made on the log. In an effort to collect the most representative sample
possible, 85 millimeter diameter core holes have been drilled at the Fort Knox
and Ryan Lode deposits, while 64 millimeter core holes are drilled at True North
and Gil. Core is regularly photographed and then logged and sampled in one and a
half meter intervals. Data is entered on the logs in a digital format. Special
emphasis is placed on shear and vein orientations, as well as mineralization and
oxidation. A representative sample is retained for later use and the remainder
of each interval is submitted for assay.

Drill samples are collected from the drill hole by personnel of the various
drilling contractors, under the direct supervision of Company staff. The samples
are labeled and placed in bags at the drill site and prepared for transport to
commercial laboratories for preparation and assay. All samples are either
delivered to the preparation facility by Company personnel, or are picked up at
a Company facility by employees of the laboratory.

Duplicate samples are collected from every tenth sample and a check assay is
performed and compared to the original assay. As a form of quality control, the
inclusion of "blank" (unmineralized) samples within each sample shipment is part
of the standard procedure

A pulp sample of known grade is also submitted to the laboratory. The sample
frequency is twice per core hole, and every 30 meters for reverse circulation
holes. These standards are prepared both in-house and by outside laboratories
over the different exploration seasons, and they represent different ranges of
gold grades. For samples with fire assays greater than 1.0 grams per tonne, the
samples are resubmitted to the laboratory for a cyanide soluble assay. The
purpose of this procedure is to determine mill recovery rates.

<PAGE>
                                       21




         Mineral Reserve and Resource Estimates

The following table sets forth the proven and probable reserves for the Fort
Knox mine and area as at December 31, 2001 and 2000.

                           2001                              2000
             ------------------------------- -----------------------------------
                         AVERAGE     GOLD                   AVERAGE     GOLD
             TONNES       GRADE     CONTENT     TONNES       GRADE     CONTENT
             -------     -------    -------     -------     -------    -------
             (000'S)      (GPT)    (000'S OZ)   (000'S)      (GPT)    (000'S OZ)

Proven        59,212        0.83      1,575     104,834        0.80      2,678
Probable      44,708        1.05      1,508      20,302        1.50      1,008
             -------     -------    -------     -------     -------    -------
Total        103,920        0.92      3.083     125,136        0.90      3,686
             =======     =======    =======     =======     =======    =======

The December 31, 2001 Fort Knox reserves were calculated by the Company in
accordance with definitions and guidelines adopted by CIM. The reserves were
calculated under the supervision of T. Wilton P. Geo., a Qualified Person
employed by the Company with at least five years experience. The reserves were
calculated using a gold price of $300 per ounce and a gold cut-off grade of 0.69
to 0.43 grams per tonne depending on mining experience. The Company estimates
that life of mine mill recovery will average approximately 88%. Proven and
probable reserves decreased by 603,000 ounces of gold in 2001. While 477,000
ounces were consumed by production, 126,000 ounces were re-classified as
resources due to changes in pit design due to mining experience.

In addition to proven and probable reserves, as at December 31, 2001, the
Company has estimated 37.7 million tonnes of measured and indicated resources at
an average gold grade of 0.84 grams per tonne.

         Mining and Milling Operations

The Fort Knox and True North deposits are mined by conventional open pit
methods. Ore is removed from the Fort Knox open pit by 135 tonne haul trucks and
dumped directly into a gyratory crusher. Ore mined from the True North open pit
is moved by 75 tonne haul trucks and dumped in an ore stockpile area. The ore is
then placed into road licensed 55 tonne haulage trucks, trucked to and dumped
into the gyratory crusher at the Fort Knox mill 18 kilometers away. Current life
of mine plans based on reserves and resources of the two deposits have
production ending in 2011.

The processing facility at Fort Knox is a standard cyanide leach/carbon-in-pulp
("CIP") milling process. The mill processes ore on a 24 hour per day, 365 day
per year schedule. The mill processed 38,929 tonnes per day during 2001. Ore is
crushed to minus 10 inches in the primary gyratory crusher and conveyed to a
coarse ore stockpile near the mill. From the coarse ore stockpile the ore goes
by conveyor to a semi-autogenous grinding mill, which operates in closed circuit
with two ball mills and a bank of cyclones for particle sizing. Correctly sized
material flows to a thickener and into leach tanks where cyanide is used to
dissolve the gold. Dissolved gold is absorbed into granular activated carbon
particles in the CIP circuit. Carbon particles loaded with gold are removed from
the slurry by screening. The gold is stripped from the carbon particles, plated
onto a cathode by electrowinning, and melted into dore bars for shipment to a
refiner. The tailings slurry flows through a cyanide detoxification process
before flowing into the tailings impoundment area. The only significant
modification to the plant occurred in 1998 when a pebble regrind crusher was
added to the circuit to increase throughput. In 2002, a tailings thickener is
expected to be installed at a cost of approximately $5.0 million.

<PAGE>
                                       22



The following table presents operating data for the Fort Knox mine for years
ended December 31 2001, 2000 and 1999.


                                      YEAR ENDED     YEAR ENDED     YEAR ENDED
                                      DECEMBER 31,   DECEMBER 31,   DECEMBER 31,
                                         2001          2000           1999
                                      ------------   ------------   ------------
Tonnes mined (000's of tonnes)          31,212.9       32,301.9       27,532.8

Ore processed (000's of tonnes)         14,209.1       13,603.2       12,533.8

Gold grade (gpt)                            1.05           0.94           0.95

Average gold recovery (%)                     86             89             90

Gold produced (oz.)                      411,221        362,959        351,120

Total cash costs ($/oz.)                     207            203            194


Gold equivalent production in 2001 was 411,221 ounces compared to 362,959 in
2000. In 2001, total cash costs were $207 per ounce of gold equivalent compared
to $203 in 2000. The Fort Knox mine 2001 business plan called for 450,000 ounces
of gold equivalent production at total cash costs of $196 per ounce of gold
equivalent. The plan was predicated on production from the Fort Knox open pit
and supplemental feed from the recently acquired True North deposit early in
2001.

For 2001, cash production costs were $2.8 million lower than planned.
Unfortunately, the reduced spending did not compensate for the delays in
achieving commercial production at the True North open pit, due to a prolonged
permitting process, unacceptable performance of the haulage contractor during
the third quarter of 2001 and lower than anticipated ore grade in the upper
benches at the True North open pit during the third quarter of 2001. The fourth
quarter of 2001 results were on plan as the Company acquired the haulage fleet
and is managing the ore haulage operations from the True North open pit to the
Fort Knox mill. In addition, the grade of the ore mined during the fourth
quarter of 2001 at the True North open pit was as planned. Estimated gold
equivalent production for 2002 is 440,000 ounces at total cash costs of
approximately $210 per ounce.

Capital expenditures at the Fort Knox operations in 2001 were $20.2 million
compared to $17.6 million during 2000. The majority of capital expenditures for
2001 were required to purchase nine haulage trucks for the True North ore
haulage, complete the access road from the Fort Knox mill to the True North open
pit and for site infrastructure at the True North open pit. Planned capital
expenditures for 2002 are estimated to be $16.0 million.

         Environmental and Site Restoration Costs

In 2001, all activities at the Fort Knox and Area properties were, and have
continued to be, in compliance in all material respects with applicable
corporate standards and environmental regulations. The Company estimates its
site restoration costs at the Fort Knox and Area properties to be $13.9 million
of which $5.8 million has been accrued as a long term liability of the Company.
The balance will be accrued on a unit of production basis over proven and
probable reserves. The Company has posted surety bonds totaling $13.5 million
for site restoration obligations with the state government.

<PAGE>

                                       23



                                   [GRAPHIC]

<PAGE>
                                       24



                                   [GRAPHIC]


         TIMMINS OPERATIONS, ONTARIO

The Company is the owner of the Timmins operations. The Timmins operations
consist of the Hoyle Pond underground mine and the Bell Creek mill and tailings
storage facility. In addition, the Timmins operations consist of a number of
former producing mines most notably the Pamour and Nighthawk Lake mines. The
Company's ownership interest in the Hoyle Pond mine and Bell Creek mill were
acquired as a result of the acquisition of FGC in 1993 and the Pamour and
Nighthawk Lake mines were acquired in 1999. The Timmins operations employed
approximately 380 people at December 31, 2001.

The only producing mine owned by the Company in Timmins at present is the Hoyle
Pond mine.

         Property Description and Location

                  Hoyle Pond Underground Mine and Bell Creek Mill

The Hoyle Pond underground mine, mineral claims and the Bell Creek mill are
located in Hoyle Township in Timmins Ontario on 899 hectares of patented land,
441 hectares of land leased from the province and one private lease covering 65
hectares. The private lease is for a term of 20 years and is in good standing
until May 31, 2005. There are also two contiguous staked mining claims covering
32 hectares located in Whitney Township south of Hoyle Township. The Company
owns an additional 10,164 hectares of exploration properties nearby.

<PAGE>
                                       25



There are various royalties on the Hoyle Pond underground mine land package. The
only royalty requiring payment at present is a tonnage based royalty on the
private lease. Royalty payments were $0.1 million in both 2001 and 2000.

All requisite permits have been obtained for the mining and continued
development of the Hoyle Pond underground mine and the Bell Creek mill and are
in good standing. The Company is in compliance with Hoyle Pond and Bell Creek
permits in all material respects.

                  Pamour and Nighthawk Lake Mines

The Pamour open pit and Nighthawk Lake underground mines and mineral claims are
located in Timmins Ontario on 12,385 hectares in 675 claim units. The Pamour
mine is approximately two kilometers south of and contiguous with the Hoyle Pond
mine while the Nighthawk Lake mine is approximately 17 kilometers southeast of
Hoyle Pond. There has been no production at these mines since their acquisition
in 1999.

All requisite permits remain in force for the Pamour and Nighthawk Lake mines.
The Company is in compliance with the Pamour and Nighthawk Lake permits in all
material respects.

         Accessibility, Climate, Local Resources, Infrastructure, and
         Physiography

Access to the Hoyle Pond mine from Timmins is by 20 kilometers of paved highway
and three kilometers of unpaved roads. The Pamour mine is located two kilometers
south of the Hoyle Pond mine and accessible by an unpaved road. The Nighthawk
lake mine is located 17 kilometers southeast of the Hoyle Pond mine and
accessible by 10 kilometers of paved roads and seven kilometers of unpaved
roads. The area climate is cold winters and hot summers. Temperatures range from
below -40 Celsius to above +30 Celsius. Mean precipitation is approximately 80
centimeters annually.

The topography of the area is typical of the Canadian Shield and consists of an
irregular surface with moderate relief. The topographic highs are the result of
bedrock outcrops and are surrounded by low lying areas of poorly drained
wetlands. Vegetation includes spruce, pine, poplar and birch trees and various
shrubs, grasses and mosses. The elevation ranges from 200 meters to 300 meters.

The Bell Creek milling operation obtains its processing water from the Bell
creek located within the permitted property area. The land package includes
areas where additional tailings storage areas can be permitted. The current
tailings storage area has sufficient capacity for the next several years of
planned production. Power is provided to the mine and mill by Ontario Hydro.

         History

Land was first staked in the vicinity of the present day Pamour mine in 1910.
Limited production was achieved from 1911 to 1914. The property remained idle
from 1914 to 1923. Between 1923 and 1935 several mining syndicates carried out
exploration work. In 1935 and 1936 the Pamour No. 3 shaft was sunk and a 650
tonnes per day mill was constructed. In 1938 the mill capacity was increased to
1,300 tonnes per day by installing new equipment. During the 1950's mill
throughput averaged 1,500 tonnes per day. In 1972, the mill was expanded to
treat 2,275 tonnes per day as production from the nearby Aunor mine was
processed at the Pamour mill. Open pit mining at the Pamour mine began in 1976
and continued until 1999. The Company acquired the Pamour mine in 1999.

The Hoyle Pond discovery hole was drilled by Texas Gulf in 1980. The area was
explored in 1980 to 1982. The mine was developed by ramp in 1983 and 1984. The
mine has been in continuous production since 1982 and was acquired by the
Company pursuant to the merger with FGC in 1993. Since 1993, the Company has
conducted exploration programs and underground development has added significant
additional mineralization. In 1994 to 1999 the company sunk an 815 meter shaft

<PAGE>
                                       26



and developed a second ramp to access underground workings. The Bell Creek mill
has gone through a series of expansions with current capacity of 1,500 tonnes
per day.

         Geological Setting and Mineralization

The Hoyle Pond Main Zone and 1060 Zone deposits, both of which are in
production, occur on opposite limbs of an open, northeast plunging F2 antiformal
structure, hosted within carbonatized north-dipping sheared and metamorphosed
tholeiitic basalts. The 7 Vein system occurs as a series of stacked, flat to
gently northeast dipping veins at the nose of the antiformal structure.
Mineralization occurs as coarse, free gold in white to grey-white quartz veins
with variable ankerite, tourmaline, pyrite and local arsenopyrite. Alteration
halos are generally narrow, consisting of mainly grey zones (carbon, carbonate,
sericite, cubic pyrite) in the Hoyle Pond system, and carbonate-sericite, with
fuchsite, pyrite, arsenopyrite and trace chalcopyrite, sphalerite within the
1060 structures.

The Hoyle Pond Main Zone includes a series of generally northeast striking,
linked quartz vein zones (at least 11 veins of economic significance) folded on
a small scale with moderate west trending and northeast plunging fold axis. The
1060 Zone consists of at least five main vein structures (B1, B2, and B3 Zones,
A Zone and Porphyry Zone) with orientations ranging from north to northeast with
generally subvertical dips.

The Pamour mine is located approximately one kilometre north of the Destor -
Porcupine Fault Zone and overlies an east-west trending unconformity between
Tisdale Group volcanic rocks and Timiskaming Group sediments. Volcanic rocks
occupy the area north of the mine and the unconformity, and include interlayered
mafic to ultramafic units. Sedimentary rocks occupy the area south of the
unconformity and include greywacke, argillite and conglomerate. A distinct unit
of clastic sediments marks the unconformity itself. Gold mineralization is
hosted by both volcanic and sedimentary units and related to both individual
quartz veins and vein swarms, which trend mainly east-west. Volcanic-hosted ore
bodies include shallow north-dipping single vein structures within mafic
volcanics, as well as irregular shaped vein swarms along various lithologic
contacts within the volcanic sequence. Sedimentary hosted ore bodies include
irregular shaped vein swarms along the unconformity as well as narrow, steep
south-dipping veins in greywacke further to the south.

The Nighthawk Lake mine is located along the Nighthawk Lake Break, a branch
fault of the Destor Porcupine Fault Zone. Rocks in the vicinity of the Nighthawk
Lake mine consist of mafic to felsic volcanics, intruded by irregular masses of
albitite and syenite. Gold mineralization occurs both within the volcanic rocks
and intrusives, and generally shows a close spatial association with strong
carbonate alteration, brecciation, quartz veining and pyrite or arsenopyrite.
Based on past work, orebodies at the mine have been subdivided into six main
zones including the: Main Zone, No. 1 Zone, No. 4 Zone, Ramp Zone, "A" Zone and
Deadman Island Zone.

         Exploration

Exploration expenditures within the Hoyle Pond mine totaled $1.0 million during
2001. A total of 34,320 metres of diamond drilling was completed primarily from
underground workings. The focal target of exploration drilling was the 1060
Zone, with smaller amounts of drilling targeting structures within the 7 Vein
structures and the Hoyle Pond Main Zone. Exploration successfully increased
proven and probable reserves by approximately 10% for 2001 year end reserves.
The 2002 budget for mine site exploration is $1.0 million to target structures
primarily within the 1060 Zone.

<PAGE>
                                       27



Regional exploration within the Timmins camp totaled $0.3 million during 2001;
almost all of this was spent during the fourth quarter. A total of 7,753 metres
of diamond drilling explored targets at Pamour North, the McIntyre Central
Porphyry Zone (CPZ) and at Coniaurum. The exploration budget for 2002 is
approximately $1.7million. Exploration will include targets at Pamour North,
McIntyre CPZ, Coniaurum, Hallnor, Hopson and Wetmore.

         Drilling, Sample and Analysis and Security of Samples

Diamond core drilling at the mine site during the year ended December 31, 2001
consisted of underground core drilling and surface exploration diamond core
drilling. Sampling is conducted on a daily basis through the use of chip
samples, muck samples, and test holes (sludge samples). Ore development is
sampled at intervals of two to five meter intervals through the use of chip
samples and muck samples. Stopes are sampled at five meter intervals where
practical, and stope muck is sampled at intervals of 1 muck sample every 20-40
tonnes.

Samples are analysed at either the Bell Creek assay lab (on-site lab operated by
the Company's personnel) or at an independent assay lab. Most muck and chip
samples and surplus definition drill core are processed at the Bell Creek lab.
All exploration drill core and overflow muck, chip and definition drill core is
processed at the independent assay lab. Samples at the Bell Creek lab are
analysed using conventional fire assay methods with a gravimetric finish.
Samples at the independent lab are analysed using conventional fire assay
methods with a gravimetric finish for all samples >1.5 grams per tonne and
atomic absorption finish for all samples <1.5 grams per tonne.

Samples containing coarse visible gold are identified on the sample tag. Each of
these samples will have a second reject analysed as well as a check assay from
the first reject resulting in a minimum of three determinations. Check assays
for all samples are conducted at the Bell Creek lab twice on each tray of 25
samples. Blank samples are analysed at the Bell Creek lab twice on each tray of
25 samples, and a standard is checked at least once on a tray of 25 samples. At
the independent lab, check assays are determined every 8-10 samples, and a blank
and a standard are analysed approximately every 30 samples.

         Mineral Reserve and Resource Estimates

The following table sets forth the proven and probable reserves for the Hoyle
Pond mine as at December 31, 2001 and 2000.


                            2001                             2000
                -------------------------------  -------------------------------
--
                          AVERAGE      GOLD                 AVERAGE     GOLD
                TONNES     GRADE      CONTENT    TONNES      GRADE     CONTENT
                ------    -------    ----------  -------    -------   ----------
               (000'S)     (GPT)     (000'S OZ)  (000'S)     (GPT)    (000'S OZ)

Proven           367       13.31        157        362       12.20       142
Probable         554       14.04        250        568       12.40       227
                 ---       -----        ---        ---       -----       ---
Total            921       13.74        407        930       12.30       369
                 ===       =====        ===        ===       =====       ===


The December 31, 2001 Hoyle Pond reserves were calculated by the Company in
accordance with definitions and guidelines adopted by the CIM. The reserves were
calculated under the supervision of R. Cooper, P. Eng. and A. Still AGO, both
Qualified Persons employed by the Company with at least five years experience.
The reserves were calculated using a gold price of $300 per ounce and a cut-off
grade between 7 and 8 grams per tonne for the Hoyle Pond Main Zone and between 8
and 10 grams per tonne for the 1060 Zone depending upon width and attitude of
the veins. High-grade assays were reduced to a maximum grade of 200 grams per
tonne in the Hoyle Pond Main Zone structure and the high-grade Porphyry Zones
east of the dyke, and 100 grams per tonne in the 1060 Zone structure. Based on
mining experience, an allowance for mining dilution of 10% to 30% at established
background values ranging from 0.6 to 0.8 grams per tonne has been made. Proven
and probable reserves increased by 38,000 ounces in 2001, of which 138,000

<PAGE>
                                       28



ounces were consumed by production, economic and engineering parameter changes
added 14,000 ounces and exploration activities added 162,000 ounces. The Company
estimates that mill recovery will be approximately 88%.

In addition to proven and probable reserves, the Company has estimated 1.2
million tonnes of measured and indicated resources at the Hoyle Pond mine at an
estimated average gold grade of 9.45 grams per tonne.

The following table sets forth the proven and probable reserves for the Pamour
mine as at December 31, 2001 and 2000.



                            2001                              2000
              ---------------------------------  -------------------------------
                          AVERAGE     GOLD                   AVERAGE    GOLD
              TONNES       GRADE     CONTENT      TONNES      GRADE    CONTENT
              -------     -------   ----------    -------    -------  ----------
              (000'S)      (GPT)    (000'S OZ)    (000'S)      (GPT)  (000'S OZ)

Proven          --         --          --           --         --        --
Probable      14,167       1.65         753       14,167       1.65       753
              ------       ----      ------       ------       ----    ------
Total         14,167       1.65         753       14,167       1.65       753
              ======       ====      ======       ======       ====    ======


The December 31, 2001 Pamour reserves were calculated by the Company in
accordance with definitions and guidelines adopted by the CIM. The reserves were
calculated under the supervision of R. Cooper P. Eng. A Qualified Person
employed by the Company with at least five years experience. The reserves were
calculated using a gold price of $300 per ounce and a cut-off grade of 0.96
grams per tonne. Proven and probable reserves increased by 753,000 ounces in
2000 upon completion of feasibility study on the Pamour mine. The Company
estimates mill recovery to be approximately 87%.

In addition to proven and probable reserves, the Company has estimated 37.6
million tonnes of indicated resources at the Pamour mine suitable to open pit
mining at an estimated average gold grade of 1.5 grams per tonne.

In addition to the reserves and resources at Hoyle Pond and Pamour mines, the
Company has calculated resources at a number of additional properties owned by
the Company in the Timmins area. Measured and indicated resources amenable to
underground mining amount to an additional 2.6 million tonnes at an estimated
average grade of 4.4 grams per tonne. Measured and indicated resources amenable
to open pit mining amount to an additional 7.3 million tonnes at an estimated
average grade of 2.0 grams per tonne.

         Mining and Milling Operations

The Hoyle Pond operations consist of an underground mine serviced by two
declines and one shaft. The underground operations comprise of 17 main levels,
with the shallowest at 40 meters below surface and the deepest at 720 meters
below surface. The Hoyle Pond ramp extends down to the 280 meter level and
services the Hoyle Pond and 7 vein zones. The 1060 ramp extends to the 720 meter
level and services the 1060 Zone. Underground development completed in 2001
involved the extension of the 1060 ramp to the 700 meter level and the
excavation of an internal ore and waste pass system, complete with chutes. The
2002 business plan involves an extension of the 1060 ramp to the 820 meter
level. The shaft was completed in 1997 to a depth of 815 meters below surface.
Total production (ore and waste) is transported to the loading pocket by means
of an ore/waste pass system and hoisted to surface in 6.5 tonne skips. The
surface infrastructure consists of administration buildings, maintenance,
compressed air and hoisting facilities. Current life of mine plans based on
reserves and resources have production ending in 2009.


<PAGE>
                                       29



The mineralized zones at Hoyle Pond are narrow high-grade veins, dipping from 30
to 90 degrees. Mining methods used are cut and fill, shrinkage, panel and
longhole methods.

The processing facility at Bell Creek is a standard CIP milling process. The
mill processes ore on a 24 hour per day, 365 day per year schedule. The mill
processed 1,216 tonnes per day during 2001. Ore is crushed to minus one half
inch in the primary crusher and conveyed to a grinding circuit, which operates
in closed circuit with two ball mills, two gravity Knelson concentrators and a
bank of cyclones for particle sizing. Correctly sized material flows to a
thickener and into leach tanks where cyanide is used to dissolve the gold.
Dissolved gold is absorbed into granular activated carbon particles in the CIP
circuit. Carbon particles loaded with gold are removed from the slurry by
screening. The gold is stripped from the carbon particles, plated onto a cathode
by electrowinning, and melted into dore bars for shipment to a refiner.

The following table presents operating data for the Hoyle Pond mine for years
ended December 31 2001, 2000 and 1999.


                                    YEAR ENDED       YEAR ENDED      YEAR ENDED
                                   DECEMBER 31,     DECEMBER 31,    DECEMBER 31,
                                      2001             2000            1999
                                   ------------     ------------    ------------
Ore processed (000's of tonnes)        443.9             460.6           419.1

Gold grade (gpt)                       12.40              11.27           11.51

Average gold recovery (%)                 88
                                                          88              84
Gold produced (oz.)                   156,581         140,441         136,709

Total cash costs ($/oz.)                 182             209             210


--------------------------------------------------------------------------------

Gold equivalent production in 2001 was 156,581 ounces compared to 140,441 ounces
in 2000. In 2001, total cash costs were $182 per ounce of gold equivalent
compared to $209 in 2000. Cash production costs were on plan during 2001, 14%
lower than in 2000. This reduced spending combined with higher gold equivalent
production due to a 10% increase in the grade of ore processed, resulted in
lower per ounce total cash costs. Estimated gold equivalent production for 2002
is 145,000 ounces at total cash costs of approximately $193 per ounce.

Capital expenditures at the Hoyle Pond operations in 2001 were $7.9 million
compared to $13.8 million during 2000. The majority of capital expenditures for
2001 were required to further advance the 1060 ramp, underground development
drilling and underground fleet replacements. Planned capital expenditures for
2002 are estimated to be $8.6 million.

         Environmental and Site Restoration Costs

In 2001, all activities at the Timmins operations were, and have continued to
be, in compliance in all material respects with applicable corporate standards
and environmental regulations. The Company estimates its site restoration costs
at the Timmins operations to be $11.4 million of which $3.3 million has been
accrued as a long term liability of the Company. The balance will be accrued on
a unit of production basis over proven and probable reserves. The Company has
posted surety bonds and letters of credit totaling $2.6 million for site
restoration obligations with the provincial government.

<PAGE>
                                       30


                                   [GRAPHIC]

         KUBAKA MINE, RUSSIAN FEDERATION

The Company indirectly owns a 54.7% interest in Omolon, a Russian joint stock
company. The joint stock company is operated under a contractual agreement
whereby an indirect subsidiary of the Company is the operator and manager. The
major assets of the joint stock company are the Kubaka mine and the Birkachan
exploration project located in the Russian Far East. The majority of the
Company's ownership interest in the Kubaka mine was acquired as a result of the

<PAGE>
                                       31



Kinam Merger on June 1, 1998. The Kubaka mine employed approximately 460 people
at December 31, 2001.

         Property Description and Location

The Kubaka open pit mine, infrastructure and mining concession covers
approximately 897 hectares located 320 kilometers south of the Arctic Circle and
950 kilometers northeast of the major port city of Magadan. Omolon holds the
license from the Russian government to operate the Kubaka Mine (the "Kubaka
License"). The Kubaka License terminates in 2011, subject to extension of up to
an additional two years, and limits the ownership of a foreign entity in Omolon
to a maximum of 56%. The Kubaka License establishes certain production
requirements for the Kubaka mine and requires the payment of a 3% royalty on the
total value of the gold extracted. In 2001, the Kubaka mine was subject to total
royalty and production based taxes of 11.8%. The Company's proportionate share
of royalties and production based taxes were $5.3 million in 2001 compared to
$7.0 million in 2000. In addition, a 5% export tariff existed at December 31,
2001. The 5% export tariff was cancelled in February 2002.

The Birkachan exploration project covers approximately 515 hectares and is
located 28 kilometers north of the Kubaka operations. Omolon holds the license
from the Russian government to conduct exploration activities at Birkachan. The
Company is currently in discussions with various departments of the Russian
government to obtain the necessary mining license to initate mining at the the
Birkachan project.

All requisite permits have been obtained for the mining and continued
development of the Kubaka open pit mine and are in good standing. The Company is
in compliance with the Kubaka and Birkachan permits in all material respects.

         Accessibility, Climate, Local Resources, Infrastructure, and
         Physiography

Access to the Kubaka mine is by air from Magadan or by 700 kilometers of unpaved
road and 380 kilometers on a winter ice road. The winter ice road is generally
open from January until April and primarily used to ship the materials and
supplies necessary for the next years' production. The mine operates in Arctic
conditions. Daylight sunlight varies from 4 to 20 hours per day. Temperatures
range from below -50 Celsius to above 20 Celsius. Mean precipitation is
approximately 40 centimeters annually.

The area is described as mountainous with some rugged topography. The slopes
have gentle concavity with a steepness of between 10 and 30 degrees. The site is
situated in permafrost. The natural vegetation at the site consists of moss, low
shrubs and small larch trees. In the valley bottom the ground surface is
hummocky and grass covered. The elevation ranges from 500 to 1,000 meters.

Water utilized in the mill for processing the ore is obtained from four sources:
fresh water from a well 650 meters south of the mill complex, fresh water from
the Dukat tailings dam immediately south of the mill, reclaimed water from the
tailings dam facility, and waste water from the sewage treatment plant.

Electrical power at Kubaka is generated at site with seven 3516 Caterpillar
diesel generators, each producing 1500 kilowatts. Generally, four of the
generators are utilized in the summer and five in the winter, providing power
for the crusher and mill complex, office, and maintenance shop. Three G72M
diesel generators, each producing 800 kilowatts, provide power for the man camp.
Typically only one of these is utilized at any time, with two on standby.

<PAGE>
                                       32



         History

The Kubaka Deposit was discovered in 1979 during a geological survey conducted
by the State Geological Exploratory Expedition. While conducting a group
geological survey between 1983 and 1987, preliminary data on the parameters and
morphology of the ore bodies and on the scales of mineralization was obtained.
Between 1986 and 1992, the Central Ore Zone and Northern Ore Zones were explored
in detail and confirmed the economic merit of developing the project.

In 1987, a small open pit was operated with the ore being processed at the
Karamken and Omsukchan processing plants. In 1992, an 80,000 tonne per year
pilot process plant was constructed at the site and utilized a gravity /
flotation process.

In 1992, the comprehensive ore reserves of the Northern ore zones passed State
approval of reserves and were transferred to the Evensk stock society for
industrial development. Ore recovery began in 1993 with the ore processed at the
Karamken Processing Plant.

In 1992, Ore Reserves for the Kubaka Deposit were calculated and passed State
approval on July 19, 1993. In 1993, bidding was opened for commercial
development rights to the mineral resources of the Kubaka and Evenskoye
deposits. Omolon, a joint stock organization including five Russian partners and
Cyprus Amax won the bid and was issued the mining license for the Kubaka
deposit.

Construction of the mine and milling complex commenced in 1995 and was completed
at a total capital cost of approximately $242 million. This amount includes
certain financing costs, working capital and approximately $14 million in
capitalized interest. Commercial production was achieved at Kubaka on June 1,
1997.

         Geological Setting and Mineralization

The Kubaka gold deposit is located in an area of highly weathered Paleozoic
volcanic rocks resting on a Precambrian crystalline basement. The Kubaka ore
deposit is an epithermal quartz-adularia vein system hosted by volcanic rocks
and their sedimentary derivatives. Kubaka is older than, but otherwise very
similar to, volcanic hosted epithermal gold deposits found in the North American
Western Cordillera.

The ore body was formed in the Devonian time period. It is located in a caldera
represented by a crest like depression about 2.5 kilometers in width and 4.2
kilometers in length. The strata are complex and consist of sedimentary tuffs
from the mid to late Devonian in age. Tuffs and sandy tuff units are the main
traps for the gold mineralization. These are a few meters to tens of meters
thick. The gold bearing fluids utilized the ignimbrites for conduits and are 40
to 60 meters thick.

Commercial grade mineralization is found in three steeply dipping veins: North,
Central, and Zokol. The Zokol is not economic due to technical and hydrological
issues. The main Kubaka vein is steeply dipping and outcrops at the surface. The
vein consists of massive to finely banded quartz. Gold and silver (electrum and
other minerals) occurs in quartz. The gold to silver ratio is approximately one
to one.

         Exploration

In 1999, the Company began an extensive drilling program looking for alternative
mill feed for the Kubaka operations beyond the then known mine life. In 2000,
these activities identified the Birkachan project located 28 kilometers north of
the Kubaka processing plant, 35 kilometers by winter road. Additional
exploration drilling continued during 2001. Current plans for 2002 are to
continue the exploration activities at Birkachan, and convert the current
exploration license to a mining license. The Company will focus its exploration
activities to identify resources that can be quickly converted into reserves and
provide mill feed for the Kubaka processing plant in 2003 or 2004.

<PAGE>
                                       33



         Drilling, Sample and Analysis and Security of Samples

The resource has been explored using reverse circulation and diamond core
drilling, with the majority being diamond core drilling. The resource is drilled
on 20-meter sections, and in areas of complex geology or high grade, is drilled
on 10-meter sections. The majority of the diamond drill holes are drilled at
right angles to the vein, typically dipping 70 to 75 degrees. All of the
exploration and reverse circulation infill data is included in the geologic
model.

Sample recovery for all the sampling methods is high. Very little water has been
encountered in both the diamond drilling and reverse circulation drilling.

Samples are delivered to the assay department under direct control of the
geology department. All information is checked and verified by the geological
staff prior to entry into the geological database that is used to create the
resource models.

The local geologists and the technical services departments of the Company have
developed the geological models. The reconciliation of the Kubaka geology models
with mining to date indicates a good geological representation of the deposit by
the block model.

Drill and other exploration samples collected for use for geological modeling
and resource estimation have been under the direct supervision of the geological
department and delivered to the assay laboratory under secure conditions. Ten to
fifteen percent of all samples are resubmitted to the site laboratory as check
samples. This includes all exploration, infill, and production samples. Also,
check samples are sent to labs in U.S.A, Canada and Irkutsk.

         Mineral Reserve and Resource Estimates

The following table sets forth the proven and probable reserves for the Kubaka
mine as at December 31, 2001 and 2000. The Company's ownership interest of these
reserves is 54.7%.

                            2001                              2000
              ---------------------------------  -------------------------------
                          AVERAGE     GOLD                   AVERAGE    GOLD
              TONNES       GRADE     CONTENT      TONNES      GRADE    CONTENT
              -------     -------   ----------    -------    -------  ----------
              (000'S)      (GPT)    (000'S OZ)    (000'S)     (GPT)   (000'S OZ)

Proven         1,119        9.81        353        1,433      10.90        501
Probable         448       19.93        287          910      15.70        459
--------       -----       -----      -----        -----      -----      -----
Total          1,567       12.70        640        2,343      12.70        960
               =====       =====      =====        =====      =====      =====


The December 31, 2001 Kubaka reserves were calculated by the Company in
accordance with definitions and guidelines adopted by the CIM. The reserves were
calculated under the supervision of V. Miller P.E. and B. Falletta P.E., both
Qualified Persons employed by the Company with at least five years experience.
The reserves were calculated using a gold price of $300 per ounce and a cut-off
grade of 3.20 grams per tonne. Proven and probable reserves decreased by 320,000
ounces in 2001, of which 437,000 ounces were consumed by production and economic
and engineering parameter changes added 117,000 ounces. The Company estimates
that mill recovery will be approximately 98%.


<PAGE>
                                       34



         Mining and Milling Operations

Kubaka is mined with conventional open pit mining methods. The reserves are
mined from two open pits, the main pit and the west pit. The main pit will be
mined out in August of 2002, while the west pit, 200 meters to the west, will be
exhausted in the second quarter of 2002. Ore is removed from the Kubaka open
pits by 50 tonne haul trucks and dumped in stockpile next to the mill.

After the open pits are exhausted, gold mineralization remains in the north
high-wall and in the bottom of the main pit, along with a small developed
underground mine, 600 meters to the north of the main pit. These are the North
High Wall, Center Zone, and North Vein underground mining projects. Currently,
final approval of mine plans is being sought for these projects. Starting in
third quarter 2002, a portion of the exiting open pit mining crew, along with
new employees, will be trained or re-certified in underground mining practices.

Mining of these underground reserves is scheduled to start in mid-third quarter
2002 and to continue through the end of second quarter 2003. They will be mined
with conventional shrinkage and long-hole mining methods. The previous owners
have completed some development in the North Vein and the North High Wall
projects, while no development exists on the Center Zone. As the ore is brought
to the surface, it will be rehandled with the open pit equipment and delivered
to the crusher area for crushing and additional processing.

These three underground mining areas have ore mining widths ranging from one
meters to six meters and contain grades in excess of 10 grams per tonne.

The processing facility at Kubaka is a standard CIP milling process. The mill
processes ore on a 24 hour per day, 365 day per year schedule. The mill
processed 2,436 tonnes per day during 2001. The stockpiled ore is loaded into
and crushed in the jaw crusher and conveyed to a crushed ore stockpile. The
crushed ore is reclaimed and ground in a semi-autogenous grinding mill followed
by a ball mill. The ground ore is thickened, and then leached in a cyanidation
circuit. The grind thickener overflow flows through a carbon column circuit to
recover any gold leached in the grinding circuit. The cyanidation circuit has
four stages of leaching, followed by a six stage CIP circuit. The loaded carbon
from the carbon circuits is stripped of the gold and silver in a pressure
stripping circuit. Gold and silver are then recovered in electrowinning cells
and smelted to produce dore bullion.

The following table presents operating data for the Kubaka mine for years ended
December 31 2001, 2000 and 1999.

                                    YEAR ENDED       YEAR ENDED      YEAR ENDED
                                   DECEMBER 31,     DECEMBER 31,    DECEMBER 31,
                                      2001             2000            1999
                                   ------------     ------------    ------------
Tonnes mined (000's of tonnes)        9,938.9        11,510.9         9,470.8
Ore processed (000's of tonnes)         889.3           856.8           797.7
Gold grade (gpt)                         15.28           16.28           18.74
Average gold recovery (%)
                                         98              98              98
Gold produced (oz.)                 237,162             244.641     254,625
Total cash costs ($/oz.)
                                        140             139             143

--------------------------------------------------------------------------------
-------------------------------------------

Gold equivalent produced represents the proportionate share related to the
Company's ownership interest (54.7% in 2001 and 2000, 53% in 1999).

<PAGE>
                                       35



The Company's share of gold equivalent production in 2001 was 237,162 ounces
compared to 244,641 in 2000. In 2001, total cash costs were $140 per gold
equivalent ounce compared to $139 in 2000. The Kubaka mine continues to perform
exceptionally well, having achieved the lowest total cash costs per ounce of the
Company's primary operations. Cash production costs were on plan during 2001,
unchanged from 2000. Mill throughput increased by 4%, which helped to compensate
for the 6% decrease in the grade of the ore processed. Estimated gold equivalent
production for the Company's ownership interest in 2002 is 230,000 ounces at
total cash costs of approximately $130 per ounce.

The Company's share of capital expenditures at the Kubaka operations in 2001 was
$0.4 million compared to $0.3 million during 2000. The majority of capital
expenditures for 2001 were required to extend the gravel runway at the mine
airstrip and to purchase one additional diamond drill for exploration activities
at the nearby Birkachan exploration project. The Company's share of planned
capital expenditures for 2002 are estimated to be $1.5 million.

         Environmental and Site Restoration Costs

In 2001, all activities at the Kubaka operations were, and have continued to be,
in compliance in all material respects with applicable corporate standards and
environmental regulations. The Company estimates its share of site restoration
costs at the Kubaka operations to be $3.2 million of which $3.1 million has been
accrued as a long-term liability of the Company

                                   [GRAPHIC]

<PAGE>
                                       36




         E-CRETE PROJECT, ARIZONA

The Company indirectly owns a 85.9% interest in E-Crete, LLC, an Arizona limited
liability company, which owns and operates a manufacturing facility for
autoclaved aerated concrete ("AAC"). E-Crete's main office is located in
Scottsdale, Arizona and its manufacturing facility is located in Casa Grande,
Arizona, approximately 70 kilometers southeast of Phoenix Arizona.

AAC is a lightweight, high-strength, masonry building material produced from
high-silica mine tailings, cement, lime, gypsum, water and aluminum powder. AAC
was originally invented for wall and lintel construction, and has since found
widespread acceptance among construction professionals for commercial,
industrial, and residential load-bearing applications. AAC has excellent thermal
insulation, acoustic absorption, and fire-resistant properties, which have
created a demand for its use in non-load-bearing applications, such as sound
barrier walls, firewalls, and fencing.

Construction of the AAC plant was completed at a total cost of approximately
$9.0 million. This amount includes approximately $0.3 million in capitalized
interest. The plant is a 50,000 square foot steel building which houses AAC
manufacturing equipment designed to produce 350 cubic meters of AAC per day. The
Company has guaranteed a land lease for 20 acres, on which the facility is
built. The agreements expire in March 2023 and may be extended for four
consecutive five-year periods. The Company has guaranteed project-financing debt
of $3.9 million.

Activities in 2001 were primarily marketing, engineering and startup
manufacturing. There were no significant sales during 2001. The plan for 2002 is
to continue to pursue leads and demand for the product.

LEGAL PROCEEDINGS

The Company conducts business in Russia through its subsidiary, Omolon which is
owned 45.3% by Russian shareholders. One of the Russian shareholders has
asserted that the original issuance of shares was flawed due to a failure to
follow certain registration procedures. As a result, the shareholder claims the
share issuance was null and void. The shareholder is claiming approximately
$43.0 million to cover its original investment plus compounded interest. The
Company has been advised by its counsel that Omolon has good defences available
to it and is confident that Omolon will successfully defend the lawsuit.
However, the interpretation and application of the laws of the Russian
Federation may be subject to policy changes reflecting domestic political
changes or other considerations. Moreover, because of the developing nature of
the Russian legal system and the fact that the interpretation and application of
many laws are untested, it is difficult to predict with certainty how they may
be interpreted and applied in a particular case. As a consequence, other or
additional penalties or remedies may be imposed. These remedies may, in addition
to imposing financial obligations, otherwise adversely affect the operations or
status of Omolon including a possible order that none of the issued shares of
Omolon are valid. Other Russian shareholders are threatening to assert similar
claims.

The Company's 50% owned Chilean contractual mining company Company Minera
Maricunga ("CMM") has entered into arbitration proceedings in Chile with the
contractor that designed and built the Refugio mine. CMM contends that the
contractor was negligent in both the design and the construction of the
facility, and should be held responsible for the cost of repairs as well as lost
profits. As part of the same proceedings, the contractor is seeking to recover
costs that they allegedly incurred while building the mine and which, they
claim, were outside their scope of work and responsibility. Although the outcome
of the arbitration proceedings cannot be determined at the current time,
management is of the opinion that the outcome will not materially affect the
financial position, results of operations or cash flows of the Company.

In October 1996, an alleged shareholder derivative action was filed in the Court
of Chancery of Delaware on behalf of a stockholder of the Company, entitled
Harry Lewis v. Milton H. Ward, et al., C.A. No. 15255-NC, against Cyprus Amax,

<PAGE>
                                       37



the directors of the Company and the Company as a nominal defendant. The
complaint alleges, among other things, that the defendants engaged in
self-dealing in connection with the Company's entry in March 1996 into a demand
loan facility provided by Cyprus Amax. The complaint seeks, among other things,
a declaration that the demand loan facility is not entirely fair to the Company
and damages in an unspecified amount. The Company believes that the complaint is
without merit and intends to defend the matter vigorously.

In March 1994, the U.S. Forest Service notified the Company that it considers
the Company to be a Potentially Responsible Party ("PRP") under CERCLA, jointly
and severally liable with other PRP's for damages attributable to alleged
releases of hazardous substances from the Siskon Mine, located in the Klamath
National Forest in Siskiyou County, California. The Company conducted a limited
exploration drilling program in the summer of 1991 on property at the Siskon
mine site which the Company believes is not involved in the alleged releases.
Based on facts currently known to management, the Company does not anticipate
that this matter will have a material effect on the Company's financial
condition or results of operations.

The Company has been named as a defendant in a class action complaint filed on
or about April 26, 2002, entitled Robert A. Brown, et al. v. Kinross Gold
U.S.A., Inc., et al., Case No. CV-S-02-0605-KJD-RJJ, brought in the United
States District Court for the District of Nevada. The complaint names as
defendants Kinross Gold Corporation, its subsidiary, Kinross Gold U.S.A., Inc.,
its subsidiary Kinam Gold Inc., and Robert M. Buchan. The complaint is brought
on behalf of two potential classes, those that tendered their Kinam preferred
stock into the tender offer for the Kinam $3.75 Series B Preferred Stock
recently completed by Kinross Gold U.S.A. and those that did not. Plaintiffs
argue, among other things, that amounts historically advanced by Kinross to
Kinam should be treated as capital contributions rather than loans, that the
purchase of Kinam preferred stock from institutional investors in July 2001 was
a constructive redemption, impermissible amendment to the conversion rights of
the preferred, or the commencement of a tender offer, that the Company and its
subsidiaries have intentionally taken actions for the purpose of minimizing the
value of the Kinam preferred, and that the amount offered in the tender offer of
$16.00 per share was not a fair valuation of the Kinam preferred. The complaint
alleges breach of contract based on the governing provisions of the Kinam
preferred, breach of fiduciary duties by Kinross and Kinross U.S.A., violations
of the "best price" rule under Section 13(e) of the Securities Exchange Act of
1934, as amended, and the New York Stock Exchange rules, allege
misrepresentations or omissions and common law fraud based on the acts taken and
information provided in connection with the tender offer, violation of Nevada's
anti-racketeering law, and control person liability under Section 20A of the
Securities Exchange Act of 1934, as amended. The complaint seeks damages ranging
from $9.80 per share, plus accrued dividends, to $39.25 per share of Kinam
preferred or, in the alternative, the issuance of 26.875 to 80.625 shares of
Kinross common stock for each share of Kinam preferred. It also seeks triple
damages under Nevada statutes. There has not been any discovery to date in the
litigation and a class has not been certified in this action. The Company
believes this claim is without merit and plans to vigorously defend the
litigation.

The Company is also involved in legal proceedings and claims which arise in the
ordinary course of its business. The Company believes these claims are without
merit and is vigorously defending them. In the opinion of management, the amount
of ultimate liability with respect to these actions will not materially affect
the financial position, results of operations or cash flows of the Company.

<PAGE>
                                       38



               GLOSSARY OF TERMS USED FREQUENTLY IN THIS DOCUMENT

AMPHIBOLITE

- a gneiss or schist largely made up of amphibole and plagioclase minerals.

BALL MILL

- a steel cylinder filled with steel balls into which crushed ore is fed. The
ball mill is rotated, causing the balls to cascade and grind the ore.

BASALT

- an extrusive volcanic rock composed primarily of plagioclase, pyroxene and
some olivine.

CARBON-IN-PULP

- a method of recovering gold and silver from pregnant cyanide solutions by
adsorbing the precious metals to granules of activated carbon, which are
typically ground up coconut shells.

CATHODE

- a rectangular plate of metal, produced by electrolytic refining, which is
melted into commercial shapes such as wire-bars, billets, ingots, etc.

CHIP SAMPLE

- a method of sampling of rock exposure whereby a regular series of small chips
of rock is broken off along a line across the face.

CHUTE

- an opening, usually constructed of timber and equipped with a gate, through
which ore is drawn from a stope into mine cars.

CORE

- the long cylindrical piece of rock, about an inch in diameter, brought to
surface by diamond drilling.

CUT-OFF GRADE

- the lowest grade of mineral resources considered economic; used in the
calculation of reserves in a given deposit.

<PAGE>
                                       39



CYANIDATION

- a method of extracting exposed gold or silver grains from crushed or ground
ore by dissolving it in a weak cyanide solution. May be carried out in tanks
inside a mill or in heaps of ore out of doors.

DILUTION

- the effect of waste or low-grade ore being included unavoidably in the mine
ore, lowering the recovered grade.

DORE

- unrefined gold and silver bullion bars, which will be further, refined to
almost pure metal.

ELECTROWINNING

- recovery of a metal from an ore by means of electro-chemical processes.

FLOTATION

- a milling process in which valuable mineral particles are induced to become
attached to bubbles and float, and others sink.

FOLD

- any bending or wrinkling of rock strata.

GOLD

- a yellow malleable ductile high density metallic element resistant to chemical
reaction, often occurring naturally in quartz veins and gravel, and precious as
a monetary medium, in jewellery, etc. Symbol - Au.

GOLD EQUIVALENT PRODUCTION

- gold equivalent production represents gold production plus silver production
computed into gold ounces using a market price ratios.

GRADE

- the amount of valuable metal in each tonne or ore, expressed as grams per
tonne for precious metals.

         cut-off grade - is the minimum metal grade at which a tonne of rock can
be processed on an economic basis.

         Recovered grade - is actual metal grade realized by the metallurgical
process and treatment or ore, based on actual experience or laboratory testing.


<PAGE>
                                       40




GYPSUM

- a sedimentary rock consisting of hydrated calcium sulphate.

HEAP LEACHING

- a process whereby gold is extracted by "heaping" broken ore on sloping
impermeable pads and repeatedly spraying the heaps with a weak cyanide solution
which dissolves the gold content. The gold-laden solution is collected for gold
recovery.

HECTARES

- one hectare = 2.47 acres.

HEDGING

- taking a buy or sell position in a futures market opposite to a position held
in the cash market to minimize the risk of financial loss from an adverse price
change.

HIGH-GRADE

- rich ore. As a verb, it refers to selective mining of the best ore in a
deposit.

INTRUSIVE

- rock which while molten, penetrated into or between other rocks but solidified
before reaching the surface.

KILOMETER

- one kilometer = 0.62 miles.

LODE

- vein of metal ore.

MAFIC

- igneous rocks composed mostly of dark, iron- and magnesium-rich minerals.

METAMORPHISM

- the process by which the form or structure of rocks is changed by heat and
pressure.


<PAGE>
                                       41



METER

- one meter = 3.28 feet.

MILL

- a plant where ore is ground fine and undergoes physical or chemical treatment
to extract the valuable metals.

MINERAL RESERVES

- a mineral reserve is the economically mineable part of a measured or indicated
mineral resource demonstrated by at least a preliminary feasibility study. This
study must include adequate information on mining, processing metallurgical,
economic and other relevant factors that demonstrate, at the time of reporting,
that economic extraction can be justified. An mineral reserve includes diluting
materials and allowances for losses that may occur when the material is mined.

- proven mineral reserve: The part of a deposit which is being mined, or which
is being developed and for which there is a detailed mining plan, the estimated
quantity and grade or quality of that part of a measured mineral resource for
which the size, configuration and grade or quality and distribution of values
are so well established, and for which economic viability has been demonstrated
by adequate information on engineering, operating, economic and other relevant
factors, that there is the highest degree of confidence in the estimate.

- probable mineral reserve: The estimated quantity and grade or quality of that
part of an indicated mineral resource for which economic viability has been
demonstrated by adequate information on engineering, operating, economic and
other relevant factors, at a confidence level which would serve as a basis for
decisions on major expenditures.

MINERAL RESOURCES

- a mineral resource is a concentration or occurrence of natural, solid,
inorganic or fossilized organic material in or on the earth's crust in such form
and quantity and of such a grade or quality that it has reasonable prospects for
economic extraction. The location, quantity, grade, geological characteristics
and continuity of a mineral resource are known, estimated or interpreted from
specific geological evidence and knowledge.

- measured mineral resources: A measured mineral resource is that part of a
mineral resource for which quantity, grade or quality, densities, shape,
physical characteristics are so well established that they can be estimated with
confidence sufficient to allow the appropriate application of technical and
economic parameters, to support production planning and evaluation of the
economic viability of the deposit. The estimate is based on detailed and
reliable exploraiton, sampling and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits, workings
and drill holes that are spaced closely enough to confirm both geological and
grade continuity.

- indicated mineral resources: An indicated mineral resource is that part of a
mineral resource for which quantity, grade or quality, densities, shape and
physical characteristics, can be estimated with a level of confidence sufficient
to allow the appropriate application of technical and economic parameters, to
support mine planning and evaluation of the economic viability of the deposit.
The estimate is based on detailed and reliable exploration and test information
gathered through appropriate techniques from location such as outcrops,
trenches, pits, workings and drill holes that are spaced closely enough for
geological and grade continuity to be reasonably assumed.


<PAGE>
                                       42



MUCK SAMPLE

- a representative piece of ore that is taken from a muck pile and then assayed
to determine the grade of the pile.

OPEN PIT

- a mine that is entirely on surface. Also referred to as open-cut or open-cast
mine.

PORPHYRY

- an igneous rock in which relatively large crystals, called phenocrysts, are
set in a fine-granted groundmass.

PRECAMBRIAN SHIELD

- The oldest, most stable regions of the Earth's crust, the largest of which is
the Canadian Shield.

PYRITE

- a yellow iron sulphide mineral, normally of little value. It is sometimes
referred to as "fool's gold."

QUALIFIED PERSON

- is an individual who:

- (a) is an engineer or geoscientist with at least five years of experience in
mineral exploration, mine development or operation, or mineral project
assessment, or any combination of these; (b) has experience relevant to the
subject matter of the mineral project; and (c) is a member in good standing of a
professional association as defined by National Instrument 43-101 of the
Canadian Securities Administrators.

QUARTZ

- common rock-forming mineral consisting of silicon and oxygen.

RECLAMATION

- the restoration of a site after mining or exploration activity is completed.

RECOVERY

- a term used in process metallurgy to indicate the proportion of valuable
material obtained in the processing of an ore. It is generally stated as a
percentage of valuable metal in the ore that is recovered compared to the total
valuable metal present in the ore.

<PAGE>
                                       43



SAMPLE

- a small portion of rock or a mineral deposit, taken so that the metal content
can be determined by assaying.

SCHIST

- a foliated metamorphic rock the grains of which have a roughly parallel
arrangement; generally developed by shearing.

SEDIMENTARY ROCKS

- secondary rocks formed from material derived from other rocks and laid down
under water. Examples are limestone, shale and sandstone.

SHEAR ZONE

- a zone in which shearing has occurred on a large scale.

STOCKPILE

- Broken ore heaped on surface, pending treatment or shipment.

STOPES

- an underground opening in a mine from which ore is extracted.

TAILINGS

- the material that remains after all metals considered economic have been
removed from ore during milling.

TUFF

- Rock composed of fine volcanic ash.

VEIN

- a fissure, fault or crack in a rock filled by minerals that have traveled
upwards fromsome deep source.

ZONE

- An area of distinct mineralization.

<PAGE>
                                       44



                             METRIC CONVERSION TABLE

        TO CONVERT       TO IMPERIAL MEASUREMENT UNITS      MULTIPLY BY
        ----------       -----------------------------      -----------
Tonnes                   Short tons                              1.10231
Tonnes                   Long tons                               0.98422
Tonnes                   Pounds                               2204.62
Tonnes                   Ounces (troy)                      32,150
Kilograms                Ounces (troy)                          32.150
Grams                    Ounces (troy)                           0.03215
Grams/tonne              Ounces (troy)/short ton                 0.02917
Hectares                 Acres                                   2.47105
Kilometres               Miles                                   0.62137
Metres                   Feet                                    3.28084


ITEM 5: SELECTED CONSOLIDATED FINANCIAL INFORMATION

Reference is made to page 79 of the 2001 Annual Report to shareholders, which
page is incorporated herein by reference.

ITEM 6: MANAGEMENT'S DISCUSSION AND ANALYSIS AND CONSOLIDATED FINANCIAL
STATEMENTS

Reference is made to the Management's Discussion and Analysis of Financial
Results on pages 36 through 45 of the 2001 Annual Report to shareholders, which
pages are incorporated herein by reference. Reference is made to the
Consolidated Financial Statements on pages 47 through 77 of the 2001 Annual
Report to shareholders, which pages are incorporated herein by reference.

ITEM 7: MARKET FOR SECURITIES

The only issued shares of the Company are common shares and the redeemable
retractable preferred shares of the Company ("Kinross Preferred Shares"). The
common shares are listed and posted for trading on the TSE and the Amex. In
addition, the Company has issued convertible debentures that are listed and
posted for trading on the TSE.

No dividends on the common shares have been paid by the Company to date. For the
foreseeable future, it is anticipated that the Company will use earnings, if
any, to finance its growth and that dividends will not be paid to shareholders,
other than dividends payable to the holder of the Kinross Preferred Shares in
accordance with its terms. The Company does not anticipate paying dividends on
the Kinam Preferred Shares before completion of the merger, which will allow the
Company to acquire the remaining 12.2% held by non-affiliated shareholders at
the Tender Offer price of $16.00 per share.

<PAGE>
                                       45



ITEM 8: DIRECTORS AND OFFICERS


DIRECTORS OF THE COMPANY

Reference is made to "Election of Directors" on pages 2 through 3 of the 2001
Management Information Circular of the Company dated March 22, 2002 for
information regarding the current directors of the Company, the Committees of
the Board and ownership of shares of the Company, which information is
incorporated herein by reference.

EXECUTIVE OFFICERS OF THE COMPANY

The following table sets forth the names of each of the officers of the Company
and all offices of the Company now held by each of them.

NAME                                   OFFICE HELD
----                                   -----------
ROBERT M. BUCHAN...................    Chairman and Chief Executive Officer
SCOTT A. CALDWELL..................    President and Chief Operating Officer
JERRY W. DANNI.....................    Vice President, Environmental Affairs
ARTHUR H. DITTO....................    Vice Chairman
CHRISTOPHER T. HILL................    Vice-President and Treasurer
JOHN W. IVANY......................    Executive Vice-President
GORDON A. MCCREARY.................    Vice-President, Investor Relations and
                                       Corporate Development
BRIAN W. PENNY.....................    Chief Financial Officer and
                                       Vice-President Finance
SHELLEY M. RILEY...................    Corporate Secretary
ALLAN D. SCHOENING.................    Vice-President, Human Resources and
                                       Community Relations
RONALD W. STEWART..................    Vice-President, Exploration


Robert M. Buchan has been the Chairman and Chief Executive Officer of Kinross
since May 1993.

Scott A. Caldwell has been President and Chief Operating Officer since April
2002 and prior to that Mr. Caldwell was the Senior Vice-President of Surface
Operations from June 1998 to April 2002. Prior to joining Kinross, Mr. Caldwell
was Vice-President of Operations, Echo Bay Mines from 1996 to 1998 and
Vice-President of Operations of Compania Minera Dona Ines de Collahuasi from
1995 to 1996.

Jerry W. Danni has been Vice President, Environmental Affairs of Kinross since
July 2000. Prior to joining Kinross, Mr. Danni was Vice President of
Environmental Affairs for Cyprus Climax Metals Company from 1994 to 1999.

Arthur H. Ditto has been the Vice Chairman of Kinross since April 2002 and prior
to that Mr. Ditto was the Chief Operating Officer of Kinross from May 1993 to
April 2002 and the President from November 1996 to April 2002.

Christopher T. Hill has been Vice-President, Treasurer since May 1998. Prior to
that he was Treasury Manager, Barrick Gold Corporation from September 1994 to
May 1998.

John W. Ivany has been Executive Vice-President of Kinross since July 1995.

Gordon A. McCreary has been Vice-President, Investor Relations and Corporate
Development of Kinross since May 1993.

Brian W. Penny has been the Vice-President, Finance and Chief Financial Officer
since May 1993.

Shelley M. Riley has been the Corporate Secretary of Kinross since June 1993.

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                                       46



Allan D. Schoening has been Vice-President, Human Resources and Community
Relations for Kinross since July 1998. Prior to this he was Director, Human
Resources for Barrick Gold Corporation from May 1995 to June 1998.

Ronald W. Stewart has been the Vice-President, Exploration of Kinross since
March 2002. Prior to that date he was Director of Investor Relations for Placer
from January 2000 to March 2002, Manager Mine Exploration for Placer from
February 1998 to January 2000 and Country Exploration Manager, Indonesia for
Placer from March 1996 to February 1998.

The number of common shares of the Company which were beneficially owned,
directly or indirectly, or over which control or direction was exercised by all
directors and officers of the Company as a group as at April 19, 2002, was
1,508,719 representing 0.42% of the outstanding common shares of the Company.

Other than the following, none of the directors or officers: (i) has been
subject to corporate cease trade order or similar order in the past ten years
(ii) became bankrupt or was the director or officer of a company that became
bankrupt in the last ten years (iii) has been subject to penalties or sanctions
imposed by a court relating to Canadian securities legislation.

John Ivany, the Executive Vice President of the Company, was the subject of
enforcement proceedings by the Alberta Securities Commission In Re Cartaway
Resources Corp. In its order dated February 22, 2001, the Alberta Securities
Commission found that Mr. Ivany, as Chief Executive Officer of Cartaway
Resources Corp., had allowed the issuance of a press release that contained a
material factual error in violation of the securities laws of the Province of
Alberta. As a result, Mr. Ivany was prohibited from acting as a director or
officer of any "junior issuer" for a period of five years and ordered to pay
costs in the amount of CDN$20,000. The Company is not a junior issuer under the
applicable Alberta Securities Commission provisions.


ITEM 9: ADDITIONAL INFORMATION

The Company will provide to any person, upon request to the Secretary of the
Company:

     (a)  when the securities of the Company are in the course of a distribution
          pursuant to a short form prospectus or a preliminary short form
          prospectus has been filed in respect of a distribution of its
          securities:

          (i)     one copy of this AIF, together with one copy of any document,
                  incorporated by reference in this AIF;

          (ii)    one copy of the consolidated financial statements of the
                  Company for its most recently completed financial year
                  together with the accompanying report of the auditor and one
                  copy of any interim consolidated financial statements of the
                  Company subsequent to the financial statements for its most
                  recently completed financial year;

          (iii)   one copy of the information circular of the Company in respect
                  of its most recent annual meeting of shareholders that
                  involved the election of directors or one copy of any annual
                  filing prepared in lieu of that information circular, as
                  appropriate; and

          (iv)    one copy of any other documents that are incorporated by
                  reference into the preliminary short form prospectus or the
                  short form prospectus and are not required to be provided
                  under (i) to (iii) above; or

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                                       47



          (v)     at any other time, one copy of any other documents referred to
                  in (a)(i), (ii) and (iii) above, provided the Company may
                  require the payment of a reasonable charge if the request is
                  made by a person who is not a security holder of the Company.

Additional information including directors' and officers' remuneration and
indebtedness, principal holders of the Company's securities, options to purchase
securities and interest of insiders in material transactions, where applicable,
is contained in the Company's information circular for its most recent annual
meeting of shareholders that involved the election of directors and additional
financial information is provided in the Company's consolidated financial
statements for its most recently completed financial year.



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